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WorldCom’s CEO Convicted For Accounting Fraud

HeadlineMar 16, 2005

A jury in New York has convicted the former CEO of WorldCom of taking part in the largest accounting fraud in corporate history. The telecommunications executive, Bernie Ebbers, faces up to 85 years in jail. The federal jury found Ebbers guilty of securities fraud, conspiracy and seven counts of filing false information with regulators. When WorldCom filed for bankruptcy two and a half years ago, shareholders lost about $180 billion. 20,000 workers lost their jobs. U.S. Attorney General Alberto Gonzales hailed Tuesday’s verdict as a triumph of the legal system. Ebbers’ attorney Reid Weingarten accused the government of withholding key evidence. Ebbers’ attorney vowed to appeal the jury’s verdict.

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