Former Worldcom CEO Bernard Ebbers exits Manhattan federal court in January 2006. AP Photo/ Louis LanzanoTopline: Bernard Ebbers, the former WorldCom CEO convicted in one of the United States’ largest accounting fraud scandals, died Sunday at the age of 78, according to multiple reports. Ebbers, once nicknamed the “telecom cowboy,” was convicted while CEO of WorldCom in 2005 of securities fraud and conspiracy to commit fraud, among seven other charges, and was sentenced to 25 years in prison. WorldCom entered bankruptcy in 2002 following revelations of the $11 billion accounting fraud⁠—partially created by senior leaders pressuring subordinates to falsely inflate profits⁠—causing losses to stockholders. The sale of Ebbers’ borrowings sparked a Securities and Exchange Commission inquiry, which eventually led to the uncovering of the accounting fraud.

Source: Forbes February 03, 2020 13:41 UTC