WorldCom CEO Bernie Ebbers directed CFO Scott Sullivan to fraudulently reclassify $3.8 billion in operating expenses as capital expenditures to inflate earnings from 2001 to 2002. Internal auditor Cynthia Cooper discovered the fraud by starting her capital expenditure audit early. Despite knowing the company was failing, Ebbers told Congress 'I do not believe I have anything to hide.' WorldCom filed for the largest bankruptcy in US history (at the time) on July 21, 2002. Ebbers was convicted on all charges and sentenced to 25 years in prison.
WorldCom committed $3.8 billion in accounting fraud, the largest in US history until Enron, CEO sentenced to 25 years
βWorldCom's financials don't add up. They're booking operating costs as capital expenditures to make their numbers look better. This is massive fraud.β
π The Receipts
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Confirmed: They Were Right
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Confirmed: They Were Right
The truth comes out. Officially documented.
π How Right We Were
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