Bernard Ebbers is an Ex former chief executive, and the co-founder of WorldCom. WorldCom was the second largest long distance phone company in the United States now known as MCI, because of the tremendous scandal that led to the company’s bankruptcy. With the grand success of WorldCom, Bernard Ebbers became one of the most powerful American businessman ever to face a criminal trial. In 2005, Ebbers was found guilty of securities fraud, conspiracy, and filing false documents with regulators. With the fraud committed to this WorldCom, it led to a big scandal leaving the company in bankruptcy and affecting thousands of people’s jobs. Bernard Ebbers is now labeled Americas Top 10 frauds list of all time. Bernard Ebbers was the second child of five children and was born in Canada. He worked as a milkman and bar bouncer before finally getting a scholarship to play basketball for Mississippi College. Ebbers dream was to become a coach and be a high school teacher. When he graduated he worked for a Mississippi College as a …show more content…
This value came from his ownership of a 500,000 acre ranch located in British, Columbia, a 21,000 acre farm in Louisiana, 540,000 acres of timberland in the south, and a minor league hockey team. Which much of his holdings were backed by WorldCom stocks. When WorldCom stock price declined the board granted loans to prevent Ebbers from selling his stocks and leaving the company as CEO. In April of the year 2002 allegations of conspiracy and fraud started to emerge and Bernard Ebbers resigned from the company which at this time the company granted him to leave with a promissory note worth over 400 million dollars. After his resignation an investigation was filled against him for the reason that he sold all his stocks for no apparent reason and this gave birth to suspicion within the