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Latest WorldCom Inc. Stories

2006-07-28 14:14:14

NEW YORK (Reuters) - A federal appeals court in New York on Friday affirmed the conviction and 25-year prison sentence of former WorldCom Inc. Chief Executive Bernard Ebbers for orchestrating an $11 billion accounting fraud that led to the largest U.S. bankruptcy. Ebbers, 64, had been convicted by a jury in March 2005 of conspiracy, securities fraud and other crimes. He had remained free on bail while pursuing his appeal. Reid Weingarten, a partner with Steptoe & Johnson LLP who...

2005-09-07 19:16:20

NEW YORK (Reuters) - Bernard Ebbers, former head of WorldCom Inc., will be allowed to remain free on bail as his attorneys appeal his March conviction on multiple counts of fraud, according to a ruling made on Wednesday in New York. U.S. District Court Judge Barbara Jones' ruling means that Ebbers would not have to report to a medium-security prison in Oakdale, Louisiana as scheduled on October 12. Ebbers was sentenced in July to 25 years in prison for his role in the fraud that led...

2005-08-16 18:27:06

By Jeremy Pelofsky WASHINGTON (Reuters) - U.S. communications regulators have expressed concerns about telephone carriers in Ecuador, Jamaica and Nicaragua disrupting phone service from the United States because of fights over rates. The U.S. Federal Communications Commission on Monday issued a request for comments on what it could do to address concerns by U.S. carriers that are upset at various surcharges they are now facing to directly connect calls to those countries. Until the...

2005-08-11 11:14:35

NEW YORK (Reuters) - Ex-WorldCom Inc. financial chief Scott Sullivan, the government's star witness at the criminal trial of former Chief Executive Bernard Ebbers, was sentenced on Thursday to five years in prison for assisting in the $11 billion business fraud at the company. Sullivan, 43, pleaded guilty to conspiracy, securities fraud and making false financial filings. He cooperated with prosecutors probing wrongdoing at WorldCom in hopes of receiving a reduced prison sentence....

2005-08-11 11:05:58

NEW YORK (Reuters) - Ex-WorldCom Inc. financial chief Scott Sullivan, the government's star witness at the criminal trial of former Chief Executive Bernard Ebbers, was sentenced on Thursday to five years in prison for assisting in the $11 billion business fraud at the company. Sullivan, 43, pleaded guilty to conspiracy, securities fraud and making false financial filings. He cooperated with prosecutors probing wrongdoing at WorldCom in hopes of receiving a reduced prison sentence....

2005-08-05 10:57:06

By Martha Graybow NEW YORK (Reuters) - Betty Vinson, a former midlevel manager at WorldCom Inc., was sentenced on Friday to five months in prison for participating in the $11 billion fraud at the telecommunications company that triggered its bankruptcy. Vinson also was ordered to serve five months in home detention. A former WorldCom director of management who helped prepare financial documents, Vinson testified for the government in the trial of former Chief Executive Bernard Ebbers. She...

2005-08-03 17:56:11

NEW YORK (Reuters) - Former WorldCom Inc. Chief Executive Bernard Ebbers should not be allowed to stay out of prison while he pursues an appeal because he has little chance of overturning his conviction, prosecutors said in court papers on Wednesday. Ebbers' lawyers have asked Manhattan federal judge Barbara Jones to grant him bail pending the outcome of his appeal, but prosecutors want him to begin his 25-year prison sentence in a few months. He has been ordered to surrender by Oct. 12....

2005-07-26 21:07:53

NEW YORK (Reuters) - WorldCom Inc. former Chief Financial Officer Scott Sullivan will have to give up a Florida mansion as part of a financial settlement with investors stemming from the collapse of the telecommunications company, the plaintiff in the case said on Tuesday. Sullivan, former controller David Myers and ex-accounting director Buford Yates have agreed to settle a class-action suit with stock and bond holders, according to a memorandum from Manhattan federal judge Denise Cote on...

2005-07-26 21:41:30

NEW YORK (Reuters) - WorldCom Inc. former Chief Financial Officer Scott Sullivan will have to give up a Florida mansion as part of a financial settlement with investors stemming from the collapse of the telecommunications company, the plaintiff in the case said on Tuesday. Sullivan, former controller David Myers and ex-accounting director Buford Yates have agreed to settle a class-action suit with stock and bond holders, according to a memorandum from Manhattan federal judge Denise Cote on...

2005-07-26 10:09:22

NEW YORK (Reuters) - Three former executives at WorldCom Inc. have reached a financial settlement with investors stemming from the collapse of the telecommunications company, according to court papers. Former financial chief Scott Sullivan, former controller David Myers and ex-accounting director Buford Yates have agreed to settle a class-action suit with stock and bond holders, according to a memorandum from Manhattan federal judge Denise Cote on Monday. Details of the proposed settlement...


Word of the Day
omphalos
  • The navel or umbilicus.
  • In Greek archaeology: A central boss, as on a shield, a bowl, etc.
  • A sacred stone in the temple of Apollo at Delphi, believed by the Greeks to mark the 'navel' or exact center-point of the earth.
'Omphalos' comes from the ancient Greek.
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