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Justice Is Served!
| Good [+1]Toggle ReplyLink» Mico replied on Wed Jul 13, 2005 @ 2:43pm |
 Coolness: 151180 | Ex-WorldCom chief Ebbers gets 25 years
[ CTV.ca ] News Staff Former WorldCom CEO Bernard Ebbers has been sentenced to 25 years in prison for his part in the $11-billion US accounting scandal that led to the largest U.S. corporate bankruptcy. Edmonton-born Ebbers dabbed at his eyes with a tissue as the sentence was handed down by Manhattan federal judge Barbara Jones. His wife cried quietly. Ebbers, 63, had asked for a sentence well below life in prison, citing a heart condition and a history of charitable works. More than 160 letters were sent to judge in defence of Ebbers. "I find that a sentence of anything less would not reflect the seriousness of this crime,'' Jones said. The judge had said she would consider the charity work, but that she did not believe his heart condition was serious enough to warrant a lesser sentence. However, she rejected arguments by defence lawyers that Ebbers was not the mastermind of the accounting fraud. Ebbers "was clearly a leader of criminal activity in this case," the judge said. Ebbers has been ordered to report to prison on Oct. 12. Jones said she would recommend he serve his time at a federal prison in Yazoo City, Miss., close to his home. Defence lawyers are being allowed to submit written arguments to the judge on whether to allow Ebbers to remain free while he appeals the verdict. This has been a devastating week for Ebbers. On Tuesday, Jones denied his request for a new trial. And on Monday, another judge was ordered to hand over almost all of his personal assets, including $5 million cash up front, to resolve a shareholder lawsuit. That left Ebbers' wife with about $50,000 and a modest home in Jackson, Miss. Ebbers argued during trial he was unaware of the fraud during the trial. He was convicted in March of orchestrating the accounting fraud. WorldCom filed for bankruptcy in 2002 in what ranks as the largest in the United States. It wiped out billions of dollars of investors' money. Five more former company executives and accountants who pleaded guilty in the WorldCom fraud will face sentencing later this summer. WorldCom has since re-emerged under the name MCI Inc. |
| Good [+1]Toggle ReplyLink» neoform replied on Wed Jul 13, 2005 @ 2:48pm |
 Coolness: 340385 | Dude should be in jail now if y'ask me.
This is Grand Grand Grand Grand Theift. I can't believe he was crying, what the fuck did he expect stealing from people like that..?? geez. |
Justice Is Served!
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