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The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time. From 1999 to 2002, senior executives at WorldCom led by founder and CEO Bernard Ebbers orchestrated a scheme to inflate earnings in order to maintain WorldCom's stock ...
Bernard John Ebbers (August 27, 1941 – February 2, 2020) was a Canadian-American businessman and the co-founder and CEO of WorldCom.Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States.
The Complaint alleged that the WorldCom Retirement Plan administrators were WorldCom insiders who knew or had reason to know that the price of WorldCom stock was artificially high because public statements concerning the Company's business and prospects were false or misleading to investors. When the facts became public, the stock plummeted ...
In July 2002, WorldCom filed for bankruptcy protection in what was considered at the time as the largest corporate insolvency ever. [108] A month earlier, the company's internal auditors discovered over $3.8 billion in illicit accounting entries intended to mask WorldCom's dwindling earnings, which was by itself more than the accounting fraud ...
MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States , after AT&T .
Cynthia Cooper is an American accountant who formerly served as the Vice President of Internal Audit at WorldCom.In 2002, Cooper and her team of auditors worked together in secret and often at night to investigate and unearth $3.8 billion in fraud at WorldCom [1] which, at that time, was the largest corporate fraud in U.S. history.
Bre-X Minerals Ltd., a major part of Bre-X based in Calgary, was involved in a major gold mining scandal when it reported it was sitting on an enormous gold deposit at Busang , East Kalimantan, Indonesia. Bre-X bought the Busang site in March 1993 and in October 1995 announced significant amounts of gold had been discovered, sending its stock ...
John W. Sidgmore (April 9, 1951 – December 11, 2003) was a corporate executive.. He became the Chief Executive Officer of UUNET Technologies in June 1994. UUNET was purchased by MFS, later taken over by WorldCom, which eventually bought MCI.