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The WorldCom scandal was a major accounting scandal that came into light in the summer of 2002 at WorldCom, the USA's second-largest long-distance telephone company at the time.
WorldCom was a U.S.-based telecom company that underwent one of the largest bankruptcies in U.S. history following a massive spate criminal of accounting fraud.
In a new documentary, CNBC examines how Bernie Ebbers built WorldCom into a telecom giant that had competitors scrambling but ultimately recorded the nation’s biggest accounting fraud.
MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company. For a time, it was the second-largest long-distance telephone company in the United States, after AT&T.
The SEC charged WorldCom with civil fraud and reached a $2.25 billion settlement. Several executives and the CEO were indicted on charges of securities fraud, conspiracy, and filing false documents with regulators.
WorldCom was a leading communications company that was acquired by Verizon Communications in January 2006. Known as MCI at the time of the merger, WorldCom’s network assets are now part of Verizon Business. WorldCom was originally founded in 1983 as Long Distance Discount Service, Inc.
The story of WorldCom is one of the most infamous chapters in the history of corporate America. Once a telecommunications giant, WorldCom’s meteoric rise to prominence was followed by a catastrophic fall from grace due to one of the largest accounting scandals in history.
Former WorldCom CEO Bernard Ebbers, the "telecom cowboy" who spent 13 years in federal prison for his involvement in a notorious $11 billion accounting scandal, died Sunday. He was 78.
Internal auditors eventually uncovered the $11 billion fraud triggering America’s biggest bankruptcy. WorldCom was a product of deregulation of the telecoms industry; in less than 20 years it had become America's 2nd largest long-distance carrier and the world's largest Internet carrier.
The SEC's complaint charged that WorldCom had inflated its income by approximately $3.8 billion through an unlawful scheme, and sought the appointment of a corporate monitor for WorldCom, injunctive relief, and a civil monetary penalty.