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Metropolis Reality Forums « Ebbers gets 25 years »

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Ebbers gets 25 years
« on: Jul 13th, 2005, 11:05am »		 Quote Quote Modify Modify
Ebbers gets 25 years
 
Former WorldCom chief, 63 years-old, could spend the rest of his life in prison.
July 13
 
 
NEW YORK (CNN/Money) - Ex-WorldCom chief executive Bernard Ebbers was sentenced Wednesday to 25 years in prison for his role in orchestrating the biggest corporate fraud in the nation's history.  
 
Ebbers was convicted in March of orchestrating an $11 billion accounting fraud at WorldCom -- the biggest of a wave of corporate book-cooking. The company filed the largest bankruptcy in U.S. history in 2002.  
 
Ebbers, 63, was convicted in March of nine felonies that carried a maximum prison term of 85 years.  
 
The stiff sentence for Ebbers amounts to the largest ever for an executive accused of committing corporate crime.  
 
U.S. District Court Judge Barbara Jones ordered Ebbers to begin serving his sentence in October.  
 
It's not yet known where he will be incarcerated, but the Bureau of Prisons has a policy of placing inmates within 500 miles of their homes, if possible.  
 
In issuing the sentence, Judge Jones recommended a prison in Yazoo City, Miss.  
 
Ebbers had asked for leniency, arguing that his failing health, community service and personal financial losses from WorldCom's collapse warranted a lighter sentence.  
 
WorldCom is now known as MCI (Research).    
 
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