[9], Ebbers began his business career operating a chain of motels in Mississippi. Reporting by Jonathan Stempel in New York; Additional Reporting by Mekhla Raina in Bengaluru; Editing by Kim Coghill and Jonathan Oatis. Jackson Free Press (Jackson, MS Alternative Weekly), Harborwalk Thread (Jackson's Latest Boondoggle), Clarion Ledger (Jackson, MS Gannett Newspaper). Streamline your workflow with our best-in-class digital asset management system. Castellano said an abdominal ultrasound performed late last month found "no definitively worrisome or sonographically acute findings," but further tests are scheduled next month. Period. CNBC and Portfolio.com in 2013 named Ebbers the fifth-worst American CEO of all time. U.S. District Judge Valerie Caproni, who took over the case after Jones entered private practice, concluded that society had no reason to fear Ebbers would resume fashioning fraudulent securities schemes or pose any threat if he were released. 0:00. The name changed to MCI WorldCom after the MCI purchase, and later back to WorldCom. On September 21, 2005, Judge Cote approved the settlement and dismissed the lawsuit against Ebbers.[39][40][41]. So So Sad to hear about the death of my long time friend Bernie Ebbers (May His soul Rest In Peace. Bernard "Bernie"J. Ebbersran into the arms of Jesuson February 2, 2020, surrounded by his family in Brookhaven, Miss. Meanwhile the real bad guy who caused the loss of billions got a few months at an Air Force base. Bernie Ebbers August 27, 1941 - February 2, 2020. Ebbers, 78, is locked up in a federal medical facility in Fort Worth, Texas, and has served more than half of a 25-year sentence. Under his management, WorldCom grew rapidly but collapsed in 2002 amid revelations of accounting irregularities, making it at the time one of the largest accounting scandals in the United States. (WLBT) - Bernie Ebbers died Sunday at the age of 78. Sign up for free newsletters and get more CNBC delivered to your inbox. When WorldCom, the telecommunications giant, failed and was put into bankruptcy, the U.S. witnessed one of the largest accounting frauds in history. Growing to over 80,000 employees through multiple acquisitions of other telecom businesses, WorldCom became the overwhelming industry . Bernard Ebbers, who built WorldCom Inc into a telecommunications giant and was convicted in one of the largest U.S. accounting scandals, died on Sunday, his family said in a statement. In a response filed in court Tuesday, Ebbers attorney Graham Carner said the alleged discrepancies can be explained by factors that have nothing to do with fakery. Bernie Ebbers, the convicted former chief of telecoms company WorldCom, has died Bernie Ebbers, ex-CEO convicted in WorldCom scandal, dies - The San Diego Union-Tribune [4], Dubbed the "Telecom Cowboy," Ebbers often wore boots and blue jeans instead of the typical corporate uniform of a suit and tie. After we have had some time to grieve and heal, we intend to use this experience and our voice to advocate for those like Dad who are deserving of compassionate release to their families. [47], In 1997, he became the chair for Mississippi College's New Dawn Campaign, a $100 million fundraising campaign to improve campus facilities. [42][43], At his peak in early 1999, Ebbers was worth an estimated $1.4 billion and listed as 174th on the Forbes 400. Access the best of Getty Images with our simple subscription plan. My family and I are thankful for the time that we had to be with and care for Dad in his final days. Ebbers denied he was at fault, saying it was subordinates who had concealed WorldComs skyrocketing costs. His daughter, in a court filing, said he was "experiencing full-blown dementia.". When we arrived at the federal courthouse on December 18, we learned Dad had once again been admitted to the hospital. 2023 Getty Images. A charismatic businessman who went from Wall Street superstar to untouchable almost overnight, former Worldcom CEO Bernie Ebbers . The former chief of WorldCom, convicted in one of the largest corporate accounting scandals in U.S. history, died just over a month after his early release from prison. Bernard Ebbers, who built WorldCom Inc into a telecommunications giant and was convicted in one of the largest U.S. accounting scandals, died on Sunday, his family said in a statement. In lieu of flowers, please consider giving to Casa de FE via Hope Extended. Bernie is preceded in death by his parents, Kathleen Mary and John Tony Ebbers, and grandchildren Baby Easley and Bernie Ellen Gates. Ebbers remained on the prowl, announcing a $129 billion merger with Sprint Corp in October 1999, only to have regulators block that tie-up. Bernie was born on August 27, 1941 and was 78 years old at . Bernie Ebbers former CEO of Worldcom leaves Manhattan Federal Court accompanied by his wife Kristie and some of his daughters as the jury plans to. Bernard John Ebbers was born on Aug. 27, 1941, in Edmonton, Alberta. [38], On October 11, 2002, WorldCom investors brought a class action civil lawsuit against Ebbers and other defendants, alleging injuries as a result of Ebbers's securities fraud violations. Brookhaven - Bernard "Bernie" J. Ebbers ran in to the arms of Jesus on February 2, 2020, surrounded by his family in Brookhaven, Miss. [7], When Ebbers was young, the family moved to California and later lived for a while on a mission post on a Navajo Nation Indian reservation in New Mexico before moving back to Canada when Ebbers was a teenager. Former WorldCom CEO Bernie Ebbers is requesting to be released from prison early due to health issues. Ebbers' daughter Joy has sworn in a declaration that her . RIP dear friend B E. Bernie Ebbers was a Man that i will always remember as a person that God could use in ways that only He was equipped to handle. [26], In response to a subpoena, Ebbers appeared before the U.S. House Committee on Financial Services on July 8, 2002. For Ebbers, who is 63 years old and has a heart ailment, this will likely mean spending the rest of . NEW YORK (CNN/Money) - Ex-WorldCom chief executive Bernard Ebbers was sentenced Wednesday to 25 years in prison for his role in orchestrating the biggest corporate fraud in the nation's history . Many of our friendsand many in our familydid too. Jackson State football player Kaseem Vauls stable after cardiac event, Deion Sanders wants Colorado band to adopt HBCU, Sonic Boom flavor, Obama chose Jackson as one of 3 cities to launch new program, MHSAA basketball: Germantown vs. Harrison Central in photos, Hunter Elliott injury: Mike Bianco gives latest on Ole Miss baseball ace, Texas signee Madison Booker leads Germantown to state final, Ole Miss baseball salvages split with Louisiana Tech thanks to rain rule, MS authorities investigating inmate's death in Yazoo County jail, Super Bowl champion Willie Gay Jr. returned to Sturgis. At these hearings, Ebbers stated "I do not believe I have anything to hide, I believe that no one will conclude that I engaged in any criminal or fraudulent conduct. Joy Ebbers Bourne has said in a sworn declaration that her father has dementia. His daughter, Joy Ebbers Bourne, of Madison, is leading the charge for his early release based on reform to Compassionate Release laws, which was included in the First Step Act signed by President Donald Trump last year. Ebbers filed for divorce in July 1997 and married his second wife, Kristie Webb, in the spring of 1999. He reportedly told the congregation that no one would find he had knowingly committed fraud, and assured them that you arent going to church with a crook.. Bernie began as a coachand took that approach inevery aspect of life. . Bernie invested in people's livesandthefingerprintsofhischaritycontinue to enduretodayonmany. His family moved to California during the 1940s. Former WorldCom CEO Bernard Ebbers was sentenced Wednesday to 25 years in prison, imposing what could be a life sentence on the executive held accountable for WorldCom's historic collapse into . [2] In December 2019, Ebbers was released from Federal Medical Center, Fort Worth, due to declining health, having served 13 years of his 25-year sentence, and he died just over a month later. Madison Sheriff Searching for Missing Domino's Emp Bill Crawford: Money Talks in Mississippi Politics. In the book, you describe the last time you spoke to CEO Bernie Ebbers in a Manhattan courthouse during a break in his trial. His daughter, Joy Ebbers Bourne, of Madison, is leading the charge for his early release based on reform to Compassionate Release laws, which was included in the First Step Act signed by President Donald Trump last year. Friends and family areencouraged to dress"Bernie casual.". Ebbers was in the middle of a 25-year federal sentence when his daughters began to . [27], On August 27, 2003, Attorney General of Oklahoma Drew Edmondson filed a 15-count indictment against Ebbers. A jury finished its second day of deliberations in . He is survived by Linda Ebbers, daughters Ave Easley (David), Treasure Ebbers Beeson (Dwayne), Joy Ebbers Bourne, Faith . Emails should be sent to Wendy Olsen, the victim/witness coordinator for the U.S. Attorneys Office for the Southern District of New York. Bernard John Ebbers (August 27, 1941 February 2, 2020) was a Canadian convicted fraudster, businessman and the co-founder and CEO of WorldCom. In July 2019, one of Ebbers' daughters submitted a request that her father receive compassionate release from a federal prison medical facility in Fort Worth, Texas. [3] In 2009, Time named him the 10th most corrupt CEO of all time. "[9], After making this statement, Ebbers asserted his right against self-incrimination per the Fifth Amendment to the United States Constitution. [35] On September 6, 2006, the presiding judge ordered him to report to jail on September 26 to start serving his 25-year sentence. Despite his blindness, worsening cardiomyopathy and mental deterioration, he remains in good spirits and grateful for the support, prayers and encouragement he receives from so many friends, former coworkers and family.. . His daughter, Joy Ebbers Bourne, says in a sworn declaration that her father has dementia . "[9][50], Last edited on 10 February 2023, at 07:02, Federal Correctional Institution, Fort Worth, U.S. House Committee on Financial Services, Fifth Amendment to the United States Constitution, United States District Court for the Southern District of New York, U.S. Court of Appeals for the Second Circuit, "WorldCom's Bernard Ebbers Wins Early Release From Prison", "Ebbers Sentenced to 25 Years in Prison for $11 Billion Fraud", "Portfolio's Worst American CEOs of All Time", "Ex-WorldCom CEO Bernard Ebbers, 'telecom cowboy' sentenced to 25 years in accounting fraud, dies at 78", "Bernie Ebbers, a 19th century-style tech tycoon? WorldCom Inc. collapsed and went . He was ousted in April 2002 amid unhappiness over more than $400 million he reportedly owed. We want to hear from you. Bernard J. Ebbers leaving federal . Of far more importance, it is a reminder of the lessons learned relating to the board's role in assuring a corporate culture in which the internal legal function is respected, influential and . In 2002, the Mississippi-based company admitted to improperly reporting $3.8 billion in expenses, prompting Justice Department to open a criminal investigation into its . After the settlement, Ebbers's wife was left with an estimated $50,000 in known assets. Ebbers died at his home in Brookhaven, Mississippi, on February 2, 2020, at the age of 78, just over a month after being released from prison due to health issues. "In the calls, he was alert, aware and oriented to person, place, time and situation," the psychologist is quoted as saying, adding that Ebbers was asking about his daughter's efforts to get him out of prison. Thankfully, Judge Caproni agreed with us keeping Dad in prison, especially in his unexplained and undiagnosed deteriorated condition, would not bring back anyones investments. One analyst cited in an early profile in the late nineties said Bernie Ebbers was "the telephone equivalent of Bill . Kimberly Unger / Security Traders Association of New York via AP, file. We've narrowed down a timeframe, Medical marijuana in Mississippi is new and growing like a weed, Kermit Davis was SEC's top in-game coach for Ole Miss, peer says, Picayune upsets Provine 60-49 to advance to state title basketball game, MHSAA 5A boys Provine v. Picayune: Our best photos, Your California Privacy Rights/Privacy Policy. His father was a sales rep and a repairman. 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