Worldcom Analysis

World Com Background Some of the tombstone figures in the legal jointure included CEO Bernard Ebbers. Ebbers was a Canadian-born businessman who began his career contract a string of hotels in Mississippi (Wikipedia). In 1983, Ebbers linked several other businessmen in starting moody Distance Discount Services (LDDS). LDDS changed to WorldCom in 1988. On class 15, 1998, the company merged with MCI communications (MCI WorldCom, Inc. -- Company History). At this point in the companys history, they were the world leader in communications in over 16 countries. Another soak up a line 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 global Accounting (WorldC om Scandal: A). In June 2002, WorldComs infixed analyze team made the first discovery of phony within the company, $3.8 billion. The board of directors and audit committee were this instant 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 supply fraud was estimated at $11 billion. After all(prenominal) was said and make some severe punishments were handed down. Bernard Ebbers was sentenced to 25 familys in a Louisiana prison (Ebbers Sentenced). Scott Sullivan pleaded immoral to conspiracy, securities fraud and making fabricated 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 unless 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 get a full essay, battle array it on our website: OrderEssay.net

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