The Great WorldCom Scandal

Both men were charged with fraud, conspiracy, and filing false statements. They, along with other business associates, created false statements about profits and expenditures in order to avoid bankruptcy and forfeit millions. 

FoxNews reported that Sullivan plead guilty to these charges, and cooperated with officials and testified against Ebbers at trial (Ex-CFO Scott Sullivan, 2011).

 

CNN reported that Bernard Ebbers maintained his innocencde throughout the trial but was ultimately found guilty (Crawford, 2005).

 

Continue on to Punishments to learn what their retribution cost them.