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WorldCom Chief Gets 25 Years

HeadlineJul 14, 2005

Bernard Ebbers, the creator of the telecommunications giant WorldCom, was sentenced to 25 years on Wednesday for his role in the fraud that led to the company’s collapse. The $11billion fraud resulted in the biggest bankruptcy in US history. The Judge in the case rejected the defense’s contention that Mr Ebbers was not a mastermind of the accounting fraud. She said Ebbers was “clearly a leader of criminal activity in this case.” When the company went bankrupt more than 20,000 workers lost their jobs and shareholders lost about $180 billion. Ebbers is the first of six former WorldCom executives and accountants to face sentencing this summer.

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