Worldcom Analysis

World Com Background Some of the tombstone figures in the magnetic north included CEO Bernard Ebbers. Ebbers was a Canadian-born businessman who began his career straightaway a string of hotels in Mississippi (Wikipedia). In 1983, Ebbers linked several other businessmen in starting firm Distance Discount Services (LDDS). LDDS changed to WorldCom in 1988. On mob 15, 1998, the company merged with MCI communications (MCI WorldCom, Inc. -- Company History). At this finish up in the companys history, they were the world leader in communications in over 16 countries. Another advert figure in the WorldCom scandal was Scott Sullivan, the CFO. Sullivan began his career with GE in the 1980s (findarticles.com). Sullivan came to WorldCom in 1992, and was the behind-the-scenes mastermind of most of WorldComs acquisitions. Others involved in the scandal include the controller, David F. Myers, and Buford Yates, the Director of nomadic Accounting (WorldCom Scandal: A). In June 2002, WorldComs infixed visit team made the first discovery of phony at heart the company, $3.8 billion. The board of directors and audit committee were right away warned of this fraud. Upon purpose the fraud, Sullivan was immediately fired, and Myers resigned from his position.

The SEC then launched an investigation into the matter, and, at last count, the add up fraud was estimated at $11 billion. After all(prenominal) was said and do some severe punishments were handed down. Bernard Ebbers was sentenced to 25 familys in a Louisiana prison (Ebbers Sentenced). Scott Sullivan pleaded immoral t o conspiracy, securities fraud and making f! oolish financial filings, and received five years in prison (foxnews.com). Myers, who resigned and cooperated with the SEC investigation was spared a long prison sentence, and unaccompanied received one year and one day in jail (former worldcom). Buford Yates received the analogous sentence as Myers. Today, WorldCom operates in over 42 countries, and had over $227 million dollars in...If you want to commence a full essay, battle array it on our website: BestEssayCheap.com

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