Deceitful And Accounting Fraud of WorldCom. These days, the WorldCom name brings to mind accounting scandals and deceitful Wall Street analysts. But they're only a small part of the story. The real story of WorldCom begins and ends in small-town Mississippi, where in little more than a decade a gym teacher named Bernie Ebbers took … [Read more...] about The Rise And Fraud of WorldCom

  WorldCom Emerged From Bankruptcy. WorldCom's plan to save $2.5 billion could hurt more than the 5,000 employees who will lose their jobs as the company trims costs in a bid to emerge from bankruptcy protection. Some of the big cuts outlined Monday by CEO Michael Capellas will force suppliers, landlords and telecom … [Read more...] about WorldCom’s Cost Cuts Will Affect Others

  WorldCom Taken Control On Ebbers Ranch. WorldCom has taken control of a 500,000-acre Canadian cattle ranch owned by former Chief Executive Officer Bernard Ebbers and is trying to sell it to recoup part of Ebbers' $408 million personal loan from the bankrupt telecom giant. There is no list price for the Douglas Lake Ranch … [Read more...] about WorldCom Puts Ebbers’ Ranch On The Market

  Worldcom Restatement Fraud Case. WorldCom said Tuesday that its financial restatement may eclipse $9 billion nearly $2 billion more than already disclosed and that it is in settlement talks with the government on its fraud case against the company. The Securities and Exchange Commission, meanwhile, added two new fraud … [Read more...] about Worldcom Restatement May Top $9B

  WorldCom Charges Expanded. WorldCom said Tuesday it will likely report another $1.8 billion in fraudulent accounting, an announcement that sparked an expansion of federal fraud charges against the Clinton-based telecommunications giant. "(WorldCom) expects an additional restatement of earnings which, when added to … [Read more...] about WorldCom Charges Expanded

Bankrupt Telecom Group WorldCom. WorldCom's creditors have in the past few weeks quietly chipped away at the remnants of authority held by Ron Beaumont, the bankrupt telecommunications group's former chief operating officer, relegating the one-time insider to a consultant position. The demotion about two weeks ago happened just … [Read more...] about Former COO At WorldCom Is Sidelined

WorldCom Severance Payments. In a move aimed at shoring up the morale of its remaining workers, bankrupt telecom WorldCom Inc. won court permission Tuesday to hand $36 million in severance payments to laid-off employees. The ruling, in U.S. Bankruptcy Court in Manhattan, also allows ‘WorldCom’ to retract $1.4 million in severance … [Read more...] about WorldCom To Pay $36M In Severance

WorldCom Employee Has Pleaded Guilty. WorldCom's former controller David Myers has pleaded guilty to taking part in an accounting scandal which led to the downfall of the US telecoms firm. Mr Myers has pleaded guilty to false filing of documents with securities regulators, conspiracy to commit fraud and securities fraud. He is … [Read more...] about WorldCom Employee Enters Guilty Plea

  WorldCom Bad Accounting Revealed. WorldCom has found more accounting errors that could enlarge the $7.2 billion in misdeeds it has already revealed, people close to the situation say. The amount is still being determined, but WorldCom will likely have to write off about $500 million for billing mistakes made over about … [Read more...] about Tally On WorldCom’s Bad Accounting Rises

  WorldCom CEO Multi-Million Dollar Payoff. The biggest union federation in the US is backing more than 4,000 non-union ex-employees of WorldCom in their fight for $36m (£23m) in severance pay. The AFL-CIO, which has 13 million members, filed evidence in support of former staff at the bankrupt telecoms company. This … [Read more...] about Unions Side With WorldCom Staff

Ex-WorldCom Workers Severances And Benefits. Laid-off WorldCom Inc. employees demanded Monday that the bankrupt telecommunications giant cough up tens of millions of dollars in severance and health benefits that were promised but not paid. With legal help funded by the AFL-CIO, more than 40 ex-WorldCom workers from around the … [Read more...] about Ex-WorldCom Workers Seek Severance

WorldCom Internal Chicanery and Corruption. In the years before WorldCom Inc. announced the $3.9 billion in improper accounting that led to its bankruptcy this summer, the telecommunications giant was plagued by loose business practices, inadequate financial disclosure, and widespread internal chicanery and corruption. Thousands … [Read more...] about Fast And Loose At WorldCom

Investigators Probing WorldCom's Myers. The former controller of WorldCom Inc. tried to prevent a subordinate from raising accounting concerns with the embattled telecommunications firm's auditors. A batch of e-mails released by congressional investigators probing WorldCom shows former controller David Myers ordering Steven … [Read more...] about WorldCom’s Myers Attempted To Stifle Accounting Questions

WorldCom Accounting Fraud. The future of WorldCom may be going from bad to worse. In a development that threatens to reduce the prospects for a quick restructuring, some of the scandal-plagued telecom carrier's lenders have tried to freeze its cash, BusinessWeek Online has learned. A request for a restraining order filed on July … [Read more...] about Banks Tried A Freeze Play On WorldCom

WorldCom Accounting Problems. The New York state pension fund sued WorldCom Inc. (NasdaqNM: WCOM - News) and accounting firm Arthur Andersen LLP over a $300 million loss the pension fund has suffered in the wake of the embattled telecommunications company's accounting problems. New York Comptroller H. Carl McCall filed the … [Read more...] about WorldCom Faces Lawsuit From N.Y.