Bernie Ebbers, the ex-CEO of Wolrldcom, was found guilty of nine counts of accounting fraud and will face up to 85 years in prison under tough Sarbanes-Oxley sentencing guidelines. At the heart of the case was shady accounting masterminded by Ebbers to protect the company stock and his personal fortune, and $400 million in personal loans made by Worldcom to Ebbers right before filing for bankruptcy. This is the first CEO to go down hard under the new SOX rules and surely more will follow. Stay tuned.

1 Comment »

  1. Maybe we should show him the iMind ankle-grab.

    #1 by Meerenai — March 15, 2005 @ 10:18 pm

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