My family and I continue to pray for everyone affected by the fall of WorldCom. The chief financial officer was fired. Bernie Ebbers turned WorldCom into the nation's second largest long distance telecommunications company through a series of rapid acquisitions that left it heavily in the red. He was granted early release after serving 12 years in December 2019, due to health problems. . Ebbers had been in prison since 2006, serving a 25 year sentence. 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. (WLBT) - Bernie Ebbers died Sunday at the age of 78. Bernie was born on August 27, 1941 and was 78 years old at . Rest in Peace, your rewards are yours for Eternity!!! In August 2019, our initial application for compassionate release was denied by the Bureau of Prisons. James Ebbers, and Stephen Ebbers; and a sister MarionOlthuis. Jan Thurman, director of social services at Kings Daughters Medical Center, sent her letter to Caproni Wednesday. He was born to John T. and Kathleen Mary Ebbers. [9], Ebbers began his business career operating a chain of motels in Mississippi. 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. I dont know about technology and I dont know about finance and accounting, he said, according to the New York Times. Disconnected: Deceit and Betrayal at WorldCom. [48], In July 2001, Ebbers was proposed by George W. Bush as the chair for the President's National Security Telecommunications Advisory Committee. That made Ebbers company a rival for AT&T, Verizon and other long-distance carriers, and made Ebbers a billionaire. Dad ran in to the arms of Jesus tonight, surrounded by his loving family, and not chained to a hospital bed without anyone he knew in the room. "[9], After making this statement, Ebbers asserted his right against self-incrimination per the Fifth Amendment to the United States Constitution. Bernie Ebbers. [4], Dubbed the "Telecom Cowboy," Ebbers often wore boots and blue jeans instead of the typical corporate uniform of a suit and tie. 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. The former Brookhaven billionaire and WorldCom chief executive officer was convicted in 2005 on nine counts of conspiracy, securities fraud and making false regulatory filings after he was accused of orchestrating an $11 billion accounting fraud to try to cover it up, according to a Time article that named him last in a Top 10 Crooked CEOs list. Bernie is preceded in death by his parents, Kathleen Mary and John Tony Ebbers, and grandchildren Baby Easley and Bernie Ellen Gates. James Ebbers, and Stephen Ebbers; and a sister MarionOlthuis. The psychologist notes that Ebbers has presented a much different persona when he knows he is being observed. But as the global technology and telecommunications bubble began to burst, Ebbers became financially strained from margin calls, leading him to borrow heavily from WorldCom. 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. Scott [Sullivan] is still in prison, of course. Many students from Lincoln county went to college because he paid for it. We ask that the familys privacy be respected at this time, and we covet your prayers. Former Worldcom CEO Bernie Ebbers dies at 78. A reporter and a formal federal prosecutor who also . [8] In 1967, he received a Bachelor's degree in physical education, with an academic minor in secondary education, from Mississippi College. The response, which notes that cognitive issues have not been the focus of Ebbers' legal motion, cites other parts of his medical records that Carner says demonstrate Ebbers "has a substantially diminished ability to provide self-care in prison.". Former CEO, Bernie Ebbers, 63, was convicted of orchestrating this US$11 billion accounting fraud and was sentenced to 25 years in prison on July 13, 2005. Ebbers filed for divorce in July 1997 and married his second wife, Kristie Webb, in the spring of 1999. 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. He wound up accepting a basketball . A charismatic businessman who went from Wall Street superstar to untouchable almost overnight, former Worldcom CEO Bernie Ebbers . Friends and family areencouraged to dress"Bernie casual.". A jury finished its second day of deliberations in his criminal accounting fraud trial. A Division of NBCUniversal. Bernie Ebbers in 2005 Getty Images. Tap into Getty Images' global scale, data-driven insights, and network of more than 340,000 creators to create content exclusively for your brand. The world may hate him but God loves him much more. Testifying in his own defense at his trial, a relatively rare move in a high-profile white-collar case, Ebbers invoked his coaching past to describe his management style. I love Bernie Ebbers. 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.. Bernie was born on August 27, 1941 and was 78 years old at the time of this death. Bernie Ebbers was many things to many people, but the greatest role he ever had was being a father to his girls. 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. If you are willing to write, please email by Thursday, Nov. 14. Grow your brand authentically by sharing brand content with the internets creators. His daughter, in a court filing, said he was "experiencing full-blown dementia.". Compassionate release can allow an inmate over the age of 60 to receive a reduction in sentence and release from prison. Even Barbara Jones, the federal judge who imposed Ebbers prison sentence, thought early release was appropriate. 2023 Getty Images. The World hated him in many ways, But the Love of God shown through him, IN SPITE of all the bad things that he had to endure. Ebbers was in the middle of a 25-year federal sentence when his daughters began to . Bernie Ebbers, WorldCom Chief Jailed for Fraud, Will Leave Prison Early. his side for the last weeks of his life here on earth. Copyright 2020 WLBT. Bernard Ebbers, the former WorldCom Inc. chief executive who spent more than 13 years in prison for participating in one of the largest accounting frauds in U.S . . Bernie began as a coachand took that approach inevery aspect of life. NEW YORK - MARCH 7: Carly (L) and Kristie (R) Ebbers, the daughter and wife, respectively, of Bernie Ebbers, former chief executive officer of WorldCom, take a break from federal court March 7, 2005 in New York City. On March 15, 2005, Ebbers was found guilty of all charges. So So Sad to hear about the death of my long time friend Bernie Ebbers (May His soul Rest In Peace. In 2013, Portfolio.com and CNBC named Ebbers as the 5th-worst CEO in American history. The World hated him in many ways, But the Love of God shown through him, IN SPITE of all the bad things that he had to endure. March 15, 2005, 9:26 AM PST / Source: msnbc.com. His physical and mental conditions make it where he cannot function or provide self-care in prison, she said. Buddy Hamilton, Jr. will be 2:30 p.m., Monday, February 20, at Riverwood Family, with interment, The funeral service for Sandra Gay Allen Stewart will be 11 a.m., Tuesday, February 21, at Riverwood Family, with interment, Services for Mrs. Jan Ratcliff of Brookhaven will be held 11:00 am, Monday, February 20, 2023, at Riverwood Family with, Services for Mr. Robert James Lang are 11:00 am, Saturday, February 18, 2023, at Bethel Baptist Church. He and Linda loved basketball and raising their daughters. Between schools, he worked as a milkman and bouncer. WorldCom Inc. collapsed and went . He was a great Man. Ebbers became a businessman, and had amassed a small chain of motels by 1983, when he and other entrepreneurs came up with the idea for LDDS. His health had been rapidly deteriorating before a federal judge granted him a compassionate release from prison in . This initiated a series of investigations and legal proceedings, which focused on Ebbers, WorldCom's former CEO. Bernard J. Ebbers leaving federal . American Greed investigates one of the most notorious cases of corporate fraud in US history: the rise and fraud of WorldCom. 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. The Ebbers family released a statement thanking Judge Valerie Caproni, as they got to spend Bernies final days with him: On behalf of the Ebbers family, I want to express our sincere gratitude to Judge Valerie Caproni for her truly compassionate decision to release Dad from prison in December. [36][37] Ebbers served in the low-security portion of the complex, which typically houses non-violent offenders and is built like a school dormitory. Bernard John Ebbers was born on August 27, 1941 in Edmonton, Canada. Ebbers's statement constituted testimony that could not undergo cross-examination and Ebbers was threatened with Contempt of Congress charges, although no charges were filed. Bourne asked that letter writers not complain about the trial or the sentence, but focus only on bringing him home because of his age and poor health. The Securities Exchange Commission, meanwhile, focused on $400 million that WorldCom personally loaned Ebbers.WorldCom eventually filed for bankruptcy, and its stock price tumbled from $64 per share to a little over $1. 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 . On July 13, former WorldCom CEO Bernie Ebbers was sentenced to 25 years in prison. Jackson Free Press (Jackson, MS Alternative Weekly), Harborwalk Thread (Jackson's Latest Boondoggle), Clarion Ledger (Jackson, MS Gannett Newspaper). Did Supremes Make Judicial Elections Partisan? Bernie Ebbers' early release from prison should be noted by corporate boards not simply as a generous and empathic exercise of judicial discretion. WorldCom had about $103.8 billion of assets when it filed for Chapter 11 protection from creditors in July 2002, making its bankruptcy the largest in U.S. corporate history. Bernie Ebbers August 27, 1941 - February 2, 2020. Facebook; . Bernard John Ebbers was born on Aug. 27, 1941, in Edmonton, Alberta. Thankfully, Judge Caproni agreed with us keeping Dad in prison, especially in his unexplained and undiagnosed deteriorated condition, would not bring back anyones investments. JACKSON, Miss. 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. According to a 2009 Time article, Ebbers turned WorldCom into the nations second-largest long distance telecommunications company through a series of rapid acquisitions that left it heavily in the red. . [49], While CEO of WorldCom, he was a member of the Easthaven Baptist Church in Brookhaven, Mississippi. [35] On September 6, 2006, the presiding judge ordered him to report to jail on September 26 to start serving his 25-year sentence. Bernie invested in people's livesandthefingerprintsofhischaritycontinue to enduretodayonmany. Feb. 3, 2020 3:56 am ET. Caproni, who serves in theSouthern District of New York the same court that had convicted Ebbers in 2005 is soliciting input from investors, former employees and anyone affected by the fall of WorldCom. He and Linda loved basketball and raising their daughters. Lehmans Richard Fuld ranked first. She filed for divorce on April 16, 2008, less than two years after he entered prison. [12][13] In July 2000, it abandoned its planned $115 billion acquisition of Sprint Corporation after U.S. and European Union antitrust regulators raised objections. The company acquired over 60 telecommunications firms and in 1995, it changed its name to WorldCom. All rights reserved. [23], The figure eventually grew to $11 billion. Ebbers weight fell to 142 pounds (64 kg) in December 2019 from 200 pounds (91 kg) in July 2018, the court papers show. Boards are the best place to save images and video clips. When we arrived at the federal courthouse on December 18, we learned Dad had once again been admitted to the hospital. Judge Caproni will be soon deciding my fathers fate. Elizabeth Bourne; Emma Gates, Lillie Gates, Ruth Ellen Gates, Mary Michael Gates; great-grandson Elliott Bernard Stewart;brothers John Ebbers. Joy Ebbers Bourne has said in a sworn declaration that her father has dementia. . The US Attorneys office in New York then opposed our Motion for compassionate release, stating that the BOP had the ability to care for Dad. Bernard John Ebbers was born on Aug. 27, 1941, in Edmonton, Alberta, to John T. and Kathleen Mary (Ellen) Ebbers. [10], In 1996, WorldCom acquired MFS Communications (originally Metropolitan Fiber Systems)[11] and in September 1998, it acquired MCI Communications. [14], Between September 2000 and April 2002, the board of directors of Worldcom authorized several loans and loan guarantees to Ebbers so that he would not have to sell his Worldcom shares to meet margin calls as the share price plummeted during the bursting of the dot-com bubble. Bernard Ebbers was 78. So, ex-WorldCom CEO Bernie Ebbers died on Sunday at age 78. 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. Grow your brand authentically by sharing brand content with the internets creators. In the book, you describe the last time you spoke to CEO Bernie Ebbers in a Manhattan courthouse during a break in his trial. Streamline your workflow with our best-in-class digital asset management system. Published 9:22 am Thursday, November 14, 2019. When WorldCom, the telecommunications giant, failed and was put into bankruptcy, the U.S. witnessed one of the largest accounting frauds in history. Thirteen years of incarceration - up to the point of approaching death - is not a slap on the wrist, Caproni wrote last month. Boards are the best place to save images and video clips. His personal holdings included:[44], From 1993 through 1995, Ebbers served as chairman of the board of directors of the Competitive Telecommunications Association, where he pleaded with the United States Congress to improve competition with the incumbent telecommunications companies. Feb 3, 2020, 04:16 AM EST. My family is asking for our friends to email in support of my fathers release. Caproni, a judge on the U.S. District Court for the Southern District of New York, had given the government until Monday to supply the additional medical data, most of which were filed under seal. WorldCom's roots stem from a Mississippi telecom company called LDDS where Ebbers was CEO. Millions of high-quality images, video, and music options are waiting for you. 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. From 1992 to 1995, LDDS renamed WorldCom in May 1995 bought corporations that expanded its service capabilities. Collect, curate and comment on your files. His conviction was upheld in the U.S. Court of Appeals for the Second Circuit in July 2006. The Canadian-born former telecommunications executive died Sunday in Brookhaven, Miss., surrounded by his family, according to a family statement. By Martin Wolk. Streamline your workflow with our best-in-class digital asset management system. He was 78. Tap into Getty Images' global scale, data-driven insights, and network of more than 340,000 creators to create content exclusively for your brand. Jackson's water bond failure: The REST of the story. When my sisters and I began our efforts to see our father released from prison, we watched as a 64, 220-pound man continued to lose weight without explanation and his physical and mental condition deteriorated. Ebbers remained on the prowl, announcing a $129 billion merger with Sprint Corp in October 1999, only to have regulators block that tie-up. My family and I are thankful for the time that we had to be with and care for Dad in his final days. The world may hate him but God loves him much more. One analyst cited in an early profile in the late nineties said Bernie Ebbers was "the telephone equivalent of Bill Gates." . His daughter, Joy Ebbers Bourne, says in a sworn declaration that her father has dementia . and they participated in mission work for years. Got a confidential news tip? ", "Worldcom to Buy MFS for $12 Billion, Creating a Phone Giant", "WorldCom quarterly report for the quarter ended March 31, 2002", "Worldcom, Inc. 2002 Form 10-K Annual Report", "Top 10 CEO Scandals: Bernie Ebbers, WorldCom", "Bernie Ebbers Wants To Reach Out And Touch Everyone", "Ex-WorldCom CEO Ebbers wants sentence commuted", "Ebbers' luck runs out in sweeping victory for feds", "Bernard Ebbers, WorldCom CEO convicted in historic fraud scandal, dies at 78", "U.S. charges ex-Worldcom CEO Bernard Ebbers", "Ebbers signs agreement on Oklahoma charges", "Ebbers signs agreement with Oklahoma AG", "Appeals court upholds Ebbers conviction", "What life will be like for Ebbers behind bars", "Bernard Ebbers Reports to Prison in Louisiana", "WorldCom investors to get $6bn and Ebbers's house", "Convicted former WorldCom CEO Ebbers dead at 78", "Bernie Ebbers, WorldCom fraudster, dead at 78", "Ebbers' high-risk act came crashing down on him", "Many Mississippians Continue To Support WorldCom's Ebbers", "President Bush to Announce Several Individuals to Serve in his Administration", White House Office of the Press Secretary, https://en.wikipedia.org/w/index.php?title=Bernard_Ebbers&oldid=1138543435, Mississippi Business Hall of Fame (May 1995), This page was last edited on 10 February 2023, at 07:02. , he worked as a coachand took that approach inevery aspect of life and married second... 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