Court Hearing Set for Ex-WorldCom CEO
Former WorldCom Inc. Chief Executive Bernard J. Ebbers is scheduled to appear in court Wednesday on criminal charges filed by Oklahoma Atty. Gen. William “Drew” Edmondson.
The hearing is scheduled for 1:30 p.m. before Oklahoma County District Judge Russell Hall.
The 15-count criminal complaint alleges that Ashburn, Va.-based WorldCom, the No. 2 long-distance telephone carrier, and top executives defrauded Oklahoma investors by overstating results to inflate the value of WorldCom stock. It’s the first criminal prosecution of the company since an $11-billion accounting scandal drove WorldCom to file for bankruptcy protection.
Each count carries a maximum penalty of 10 years in prison.
Ebbers’ attorney, Reid H. Weingarten, has said state prosecutors failed to outline any specific acts that would justify the charges against Ebbers.
Also named in the Oklahoma complaint were former Chief Financial Officer Scott D. Sullivan, former Controller David Myers and former executives Buford Yates, Betty Vinson and Troy Normand. Federal prosecutors in New York already have charged all five with similar crimes under U.S. law.
Myers, Yates, Vinson and Normand have pleaded guilty to the federal charges and are cooperating with the government. Ebbers has not been charged with criminal wrongdoing by federal prosecutors.
