Worldcom CEO gets 25 years in prison

[im10ashus]

http://www.nytimes.com/2005/07/13/business/13WIRE-EBBERS.html?hp&ex=1121313600&en=13bc6694a8391b6e&ei=5094&partner=homepage

July 13, 2005
Ebbers Sentenced to 25 Years in Prison for $11 Billion Fraud
By JENNIFER BAYOT
Bernard J. Ebbers, the founder and former chief executive of WorldCom, was sentenced to 25 years in prison today for his role in an $11 billion accounting fraud that brought down the telecommunications company in 2002.

Judge Barbara S. Jones handed down the sentence in Federal District Court in Manhattan, saying he deserved a stiff sentence.

"Mr. Ebbers' statements deprived investors of their money," the judge said before she pronounced his sentence. "They might have made different decisions had they known the truth."

She went on to say: "It seems clear to me that Mr. Ebbers was a leader of criminal activity in this case."

As the judge declared her sentence, Mr. Ebbers, 63, slumped forward in his chair, and then dabbed his eyes with a handkerchief he pulled out of his pocket. Then, when the courtroom was clearing, he turned to his wife, Kristie, who had been sitting behind him crying quietly, and they hugged each other.





cont'd.

[whistle]

1. And does he get to pay back all of the $11 billion?

[im10ashus]

4. Good point, whistle.

It only mentions this:

Mr. Ebbers already agreed in a civil settlement last month to give investors nearly all of his personal assets, including his house in Mississippi and various businesses, which in total are valued at about $40 million, after once topping $1 billion.

[whistle]

17. Uhmmm, $960 million just vanished into thin air, tusk tusk tisk....

...such an unlucky capitalist sleaze bag really deserves 50 years without parole. That $960 million plus the other $10 billion of the $11 billion needs to be accounted for as it belongs to the several million investors who were kept in the dark over the financial condition of the company through Me Ebbers creative accounting and finance methods. Now this is clearly an area of the law where torture should be applied! Bastards.

[im10ashus]

18. Agreed.

And it's small time investors, like you and I, who end up losing our life savings. It's so sad.

[Robert Oak]

2. some justice

but so many got completely away with it.

[GreenPartyVoter]

3. Club Fed or REAL prison?

[im10ashus]

5. Is this a real prison?

The judge ordered Mr. Ebbers to report to prison on Oct. 12, and said she would recommend that he be sent to the federal prison in Yazoo City, Miss. But it is unclear yet whether the courts will allow him to be out on bail during the appeals process, as his lawyer said he is requesting in a legal motion.

[GreenPartyVoter]

7. I dunno but googling for it brought me to a really scary article

about transferring prisoners by having them sign a piece of paper that they will ride Greyhound under their own recognizance to the next prison and promise not to make a run for it.

http://www.signonsandiego.com/uniontrib/20050522/news_1n22buscon.html

[im10ashus]

11. That's, um, scary!

Just walked away? No wonder we have a questionable penal system.

[GreenPartyVoter]

16. Anything to save $$. Greyhound is cheaper than aranging private

transport with a paid Marshall, eh?

[Initech]

13. What the hell?

They actually get to ride from a prison with no security guards whatsoever and promise not to make a run for it.

As for that last part - I'll believe that when me shit turns purple and smells like rainbow sherbert.

[GreenPartyVoter]

15. That's a colorful image *lol*

[Initech]

20. I take it you've never seen Super Troopers.

That's where that line comes from.

[Egalitariat]

6. All federal prisons are Club Feds. It's the state prisons you want

to avoid. The Adelphi Communications boys get to go to state prison in NY. And it ain't pleasant there. Or safe.

[GreenPartyVoter]

8. Really? We don't have any hard core federal prisons for slime like this?

[nittygritty]

9. not necessarily true.

I know someone who has been to both, and he says Federal is worse place to do time.

[im10ashus]

12. A google image search brought up this:

Hmmmm! LMAO!

[Richard Steele]

19. MOOT question. That "vanished" 960 million $$$ ....

....will pay for APPEALS until he dies of old age.

No "Inside time" is likely for this slimebag;

He's RICH, and this is AMERICA!

[Flying Dream Blues]

10. Calling Ken Lay, calling Ken Lay...nt

[Eloriel]

14. Well, it's a start.... n/t