Former Worldcom boss Bernard Ebbers has lost his appeal against his conviction and 25-year prison sentence for fraud and conspiracy.
A federal appeals court in New York on Friday upheld the guilty verdict passed by the jury in Mr Ebbers’ original trial back in March 2005.
The convictions against Mr Ebbers relate to his part in an $11bn (£6bn) accounting fraud at the telecoms firm
Worldcom’s former finance chief has been sentenced to five years in jail for his part in the largest accounting fraud in US corporate history.
Scott Sullivan played a key role as a “star” prosecution witness in the case against former Worldcom chief Bernie Ebbers who was jailed for 25 years.
The 43-year-old pleaded guilty to conspiracy, securities fraud and making false financial filings
Former Worldcom boss Bernard Ebbers has been sentenced to 25 years in jail for his part in the scandal which brought down the firm.
Mr Ebbers was found guilty of fraud and conspiracy in March, following revelations of an $11bn (£6.2bn) accounting fraud at Worldcom in 2002
Former Worldcom chief executive Bernie Ebbers has been convicted of conspiracy and fraud in connection with the 2002 collapse of the telecoms giant.
Mr Ebbers, 63, who is to appeal against the verdict, was also found guilty of seven counts of filing false documents.
Shareholders lost about $180bn (£94bn) in Worldcom’s collapse – the largest bankruptcy in US history – and 20,000 workers lost their jobs
The former head of Worldcom has told a court that he knew too little about the phone firm’s accounts to be aware of the fraud that drove it to bankruptcy.
Bernie Ebbers’ lawyers argued that their client was a sharp entrepreneur but no accountant.
For that reason, they said, he was not responsible for the $11bn (£6bn) fraud which led to the firm’s 2002 collapse
The trial of Bernie Ebbers, former chief executive of bankrupt US phone company WorldCom, has started in New York with the selection of the jury.
Mr Ebbers, 63, is accused of being the mastermind behind an $11bn (£6bn) accounting fraud that eventually saw the firm collapse in July 2002.
His indictment includes charges of securities fraud, conspiracy and filing false reports with regulators
Ten former directors at WorldCom have agreed to pay $54m (£28.85m), including $18m from their own pockets, to settle a class action lawsuit, reports say.
James Wareham, a lawyer representing one of the directors, told Reuters the 10 had agreed to pay those who lost billions when the firm collapsed