Claris Law Legal Blogging Community

Editor: Debra G. Speyer, Esq.
Profession: Attorney

Category: Fraud in the News

Bernie Ebbers will now begin his 25-year prison term. His conviction was upheld by a three-judge panel. This was no surprise to anyone following his case. He was part of an $11 billion fraud. Ebbers who had been a milkman and bouncer built a small phone company into the second largest long distance provider in the USA. Although Ebbers can appeal to the full appeals court, his bail will likely be revoked by the judge in charge of the case. In addition to Ebbers and Chief Financial Officer Scott Sullivan going to jail, the brokerage firms that were involved with the misrepresentation involving the public offerings of WorldCom bonds and stock have paid close to $10 billion in class action and individual settlements and litigations.