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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.
On November 4, 1997, WorldCom and MCI Communications announced a $37 billion merger to form MCI WorldCom, making it the largest corporate merger in U.S. history.
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.
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.
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.
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.
It is one of the largest scandals yet at a time when almost every week seems to call forth another case of corporate wrongdoing. Telecom firm WorldCom, the No. 2 U.S. long-distance telephone and ...
The Securities and Exchange Commission filed a civil action yesterday in federal district court in New York charging major global communications provider WorldCom, Inc. with a massive accounting fraud totaling more than $3.8 billion.