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Ebbers Faces 6 More Criminal Charges

May 25, 2004 | www.cbsmarketwatch.com

Former WorldCom CEO Bernie Ebbers faces six additional criminal charges under a revised indictment unveiled Monday by federal prosecutors.

The superceding indictment accuses Ebbers of making false filings with the Securities and Exchange Commission from WorldCom's fiscal fourth quarter in 2000 through the first quarter of 2002.

He is now charged with one count of conspiracy, one count of securities fraud, and seven counts of making false filings with the SEC.

The superceding indictment suggests federal prosecutors are stepping up the pressure on Ebbers in hopes that he will capitulate. He faces more jail time if convicted on the fresh charges. And they come ahead of a pretrial conference scheduled for Tuesday.

His lawyer was not available for immediate comment.

The Justice Department alleges Ebbers helped orchestrate the largest accounting scandal in U.S. corporate history. They claim he and others deceived investors and creditors about WorldCom's financial condition.

He was originally charged in a March 2 indictment with former WorldCom CFO Scott Sullivan, who pleaded guilty and agreed to cooperate with prosecutors.

The trial of the former WorldCom CEO is expected to start Nov. 9.

WorldCom, re-named MCI, emerged from Chapter 11 bankruptcy last month.


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