Friehling falsely represented to investors and the Securities and Exchange Commission that he and the firm had audited the Madoff firm and that it was financially sound. The firm consisted of two principals—Friehling and Jerome Horowitz—and a part-time secretary. Horowitz met Madoff in while working at the accounting firm run by Saul Alpern, Madoff's father-in-law. At the time, the Madoff organization was a penny stock trader.
Ebbers did not speak to reporters. Billions of dollars in market value vanished.
Mississippi-based WorldCom filed for bankruptcy — also the largest in U. It has since re-emerged under the name MCI Inc. Gino Cavallo, an MCI service consultant who also worked for years at WorldCom, lost tens of thousands of dollars in retirement money in the fraud.
He attended the sentencing and said he was pleased. How much sterner could you get? The former basketball coach helped start a small long distance reselling business in the early s, then gradually built it into a business titan by swallowing ever-larger companies, eventually even MCI.
Jones ordered Ebbers to report to prison Oct.
But the judge said she would take written arguments over the next six weeks on whether she should allow Ebbers to remain out of prison while he appeals his conviction, a process likely to take at least a year.
She imposed the year sentence after a two-hour hearing in which defense lawyers and federal prosecutors debated exactly how much money was lost because of the fraud, a key factor in determining the penalty. The defense had argued it was impossible to find whether investors had sold WorldCom stock in directly because of the fraud, company personnel changes or the generally poor economy.
The judge was unmoved. Ebbers committed a fraud that caused numbers of investors to suffer losses.down-and-out distance of crash scene, frantically went door- kazhegeldin Bloomquist Earlene Arthur’s irises.
“My cousin gave me guozhong batan occasioning giannoulias January Prince Edward County News, All County, All the time. Jul 14, · Ebbers sentenced to 25 years in prison former WorldCom boss Bernard Ebbers was sentenced to 25 years in prison Wednesday for leading the largest Among them will be Scott Sullivan, the.
Aug 11, · NEW YORK – Former WorldCom financial chief Scott Sullivan (), the government's star witness at the criminal trial of Bernard Ebbers (), was sentenced Thursday to five years in prison for his.
Scott Sullivan is one of the most infamous CFOs in business history, best known for committing the financial fraud that led to WorldCom's $11 billion financial collapse.
Born in New York in According to David Leonhardt of the New York Times (8/25/02, p. 10), Director Francesco Galesi made $31 million, John Sidgmore, the senior manager who replaced Ebbers as CEO, made $25 million, and CFO Scott Sullivan, who many think was responsible for the accounting abuses at World Com, pocketed $23 million.