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Ex-CEO of WorldCom

On March 15 2005, Bernard Ebbers, Ex-CEO of WorldCom was convicted on one count of conspiracy, one count of securities fraud and seven counts of false regulatory filings (Associated Press, 2005). The charges are because he repeatedly ordered the falsification of accounting records, the then finance Chief Scott Sullivan, who masterminded the fraud also pled guilty to fraud claimed that he was ordered to adjust the records to meet Wall Street expectations. The move was to benefit him (Ebbers), as he was obsessed with keeping the company‚Äôs stock price high (which would benefit the company) as he was liable for personal loans of up to $400 million, which were secured with his shares in the company. In 2004, Reliant Energy…