WorldCom

WorldCom Files for Bankruptcy with $107 Billion in Assets

2002-07-21 00:00:00 +0000 UTC | Importance: 10/10

On July 21, 2002, WorldCom filed for Chapter 11 bankruptcy protection, listing $107 billion in assets and $41 billion in debt—making it the largest bankruptcy in American history. The filing came just 26 days after the company disclosed $3.8 billion in accounting fraud, demonstrating the speed at …

Bernard Ebbers WorldCom Scott Sullivan corporate-fraud worldcom bankruptcy accounting-fraud white-collar-crime

WorldCom Announces $3.8 Billion Accounting Fraud Discovery

2002-06-25 00:00:00 +0000 UTC | Importance: 10/10

On June 25, 2002, WorldCom, the second-largest telecommunications company in the United States, announced it would restate its financial statements after discovering $3.8 billion in fraudulent accounting entries. The company admitted that “certain transfers” from line cost expenses to …

Bernard Ebbers Cynthia Cooper Scott Sullivan WorldCom corporate-fraud worldcom accounting-fraud securities-fraud white-collar-crime