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Ebbers: GUILTY!

A jury today found former WorldCom CEO Bernie Ebbers guilty on all counts of fraud, conspiracy to commit fraud, and making false statements.

Ebbers was being tried for nine counts of fraud in the $11 billion accounting fraud, which resulted in the company going bankupt. WorldCom has since been reorganized as MCI Inc. (Nasdaq: MCIP).

The jury was bombarded with masses of financial data throughout the six-week trial, and spent eight days deliberating before finally coming to a verdict today. (See Ebbers Trial: The Jury Is Out, Ebbers Trial: Sex, Drugs & Numbers, Ebbers: Bumpkin or Bully?, Ebbers Day II: 'Look After Pennies', and Ebbers: Of Motels & Men.)

Ebbers, 63, now faces up to 85 years in prison. You do the math.

Light Reading will report more as information becomes available.

— The Staff, Light Reading

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materialgirl 12/5/2012 | 3:23:26 AM
re: Ebbers: GUILTY! At least this trial did not turn out like the one for O.J. Simpson.
jmunn 12/5/2012 | 3:23:24 AM
re: Ebbers: GUILTY! It looks to me like Ebbers is the fall guy and the real crooks in the investment industry will enjoy their well funded retirements.

I don't disagree with the jury but I don't think Ebbers and Worldcom accounting are the only culprits.
DocGonzo 12/5/2012 | 3:23:23 AM
re: Ebbers: GUILTY! "It looks to me like Ebbers is the fall guy and the real crooks in the investment industry will enjoy their well funded retirements."

Ebbers, a "fall guy"? Get real! This greedhead is getting what he deserves. No doubt other people have committed sins, but unless they are caught (OJ and others nothwithstanding) it is pretty tough to bring the culprits to justice.

I look forward to similar verdicts against some of the others (Lay, Dennis K., etc.) in progress.

Doc
russ4br 12/5/2012 | 3:23:22 AM
re: Ebbers: GUILTY! At least this trial did not turn out like the one for O.J. Simpson.

Did it not? Isn't it a cause of concern the jury was already bent on convicting Mr. Ebbers from the start? Did he have a fair, unbiased trial? ... Everybody was asking for his head in a plate!
signmeup 12/5/2012 | 3:23:22 AM
re: Ebbers: GUILTY! What?!?!?

That glove didn't fit on my man OJ's little finger, much less his hand!!

OJ is a true american and a tribute to our justice system. The only problem with Ebbers is he probably ran out of money to buy his way out of a conviction.

(inserting humor)

signmeup
Lite Rock 12/5/2012 | 3:23:21 AM
re: Ebbers: GUILTY! Maybe Bernie has a plate in his head? Whatever term you want to use Head on a stake, Head on a platter he was found guilty and my bet is he will not be able to get a new trial on appeal.

I lost most of my MCI retirement and it is comforting to know that even though Bernie did not see my suffering, I will get to see him pay. I may even drop him a note in jail and let him know I forgive him.... in a few years.

cheers, This Bud is for you!

optical 12/5/2012 | 3:23:20 AM
re: Ebbers: GUILTY! There are plenty of crooks still out there. What about the crooks at QWEST (SVP) level who told start ups that they would put their product in their lab, place a seed order of $10M to $100M, and in return the start up would give them personally (not QWEST) stock in the start up who were on the verge of going IPO. There may not be a law on the books to say this is a crime, but in my mind the guys who were doiong this at QWEST are crooks and deserve a cell next to Ebbers
dadofamunky 12/5/2012 | 3:23:20 AM
re: Ebbers: GUILTY! Oh get real. Please. why would you feel sorry for this guy? He was the damn CEO! You have to be responsible at some point for what goes on in your company. "Not being the only culprits" is not the point. The guy was in charge. And he sure as hell wouldn't give a rat's ass about guys like you who may or may not have lost their retirement on MCI stock. Why should ANYONE feel sorry for him?

Now let's see this happen to Ken Lay and Jeff Skilling.

-------------------------

It looks to me like Ebbers is the fall guy and the real crooks in the investment industry will enjoy their well funded retirements.

I don't disagree with the jury but I don't think Ebbers and Worldcom accounting are the only culprits.
lastmile 12/5/2012 | 3:23:20 AM
re: Ebbers: GUILTY! humor or no humor but there are many 'Ebbers' still at large but only one OJ with a glove and a little finger.
Many 'little' fingers at the jury did a great job. Long live our judicial system.
startup_shutup 12/5/2012 | 3:23:19 AM
re: Ebbers: GUILTY! Let this be a wake up call for Frank and "Friends of Frank" ......
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