The Great WorldCom Scandal
Bernard Ebbers, CEO
Infamous for his involvement in the WorldCom scandal, Bernard Ebbers was born in 1941 in Edmonton, Canada. He grew up around the Southwest U.S. and Edmonton, and played basketball at Mississippi College on a scholarship.
His career began when he started running a chain of motels in Mississippi, and got involved in telecommunications. In 1995, he co-founded WorldCom and was named chief-executive.
At the height of his career, Ebbers's worth was estimated at nearly $1.5 billion, including several massive properties and owning a minor league hockey team.
After his resignation in April 2002, brought upon by accusations of fraud and conspiracy, an investigation uncovered billions of dollars in accounting misstatements.
Continue on to learn about Bernard's role in the commission of the crimes and how his retribution is being made (Bernard Ebbers Biography, N.D.).
Scott Sullivan, CFO
A native New Yorker, born in 1963, Scott Sullivan attended high school near Albany, where, like his aforementioned partner-in-crime, also showed an affinity for sports - Sullivan was a superb wrestler. He received his bachelor of science degree in accounting from SUNY Oswego in 1983.
His career began as an accountant, and moving into the telecommunications agency. After the company he was working for in 1992, Advanced Telecommunications Corporation, was acquired by WorldCom, he began as an employee there. Remarkably, within two years he became the CFO, developing a close relationship with Ebbers, and assisting with many business moves.
As well as Bernard Ebbers, Scott Sullivan created quite the fortune for himself. By 2000, he was accumulating a net worth of about $45 million. Sullivan altered financial reports in order to make losses look like earnings, but this charade only lasted for two years before Sullivan was fired and indicted on counts of accounting fraud.
Authorities considered Scott Sullivan to be the brains behind the WorldCom scandal, and offered him a plea deal with his testimony against Bernard Ebbers, which he accepted. Continue on to find out what happened to Scott Sullivan (Scott Sullivan Biography, N.D.).
Scott Sullivan
Bernard Ebbers