Ebbers_sentenced_to_25_years_in_prison

Ebbers_sentenced_to_25_years_in_prison - Ebbers sentenced...

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Ebbers sentenced to 25 years in prison Ex-WorldCom CEO guilty of directing biggest accounting fraud updated 5:21 p.m. PT, Wed., July. 13, 2005 NEW YORK - Weeping in court as he learned his fate, former WorldCom boss Bernard Ebbers was sentenced to 25 years in prison Wednesday for leading the largest corporate fraud in U.S. history. It was the toughest sentence imposed on an executive since the fall of Enron in 2001 touched off a record-breaking wave of business scandals. Even with possible time off for good behavior, Ebbers, 63 and with what his lawyers describe as serious heart problems, would remain locked up until 2027, when he would be 85. The sentence came four months after Ebbers was convicted of overseeing the $11 billion WorldCom fraud — much of it a pattern of chalking up expenses as long-term capital expenditures, which are classified as assets. CNBC and other news organizations originally reported the sentence as between 30 years and life in prison. However, Ebbers’ attorneys were allowed to speak before the final sentence was handed down and the judge ultimately decided to render a final, 25-year verdict. Ebbers, an imposingly tall man with buzzed white hair, leaned forward in his chair and cried, sniffling audibly, after Judge Barbara Jones of U.S. District Court in Manhattan read his penalty. “I find that a sentence of anything less would not reflect the seriousness of this crime,” the judge said. As a packed courtroom emptied after the hearing, Ebbers’ wife, Kristie, who had cried quietly during the hearing, walked up to the defense table and embraced her husband tightly. Ebbers did not speak to reporters. It was just more than three years ago that the fraud at WorldCom began to come to light,
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Ebbers_sentenced_to_25_years_in_prison - Ebbers sentenced...

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