By that time, WorldCom ’ s stock price was declining and Ebbers came under increasing pressure from banks to cover margin calls on his WorldCom stock that was used to finance his other businesses ( timber and yachting, among others ).

The character Jack McCallister ( played by Alec Baldwin ) was based on real-life WorldCom CEO, " Bernie " Ebbers ( see above ).

WorldCom announced the resignation of Bernie Ebbers on April 30, 2002.

At his peak in early 1999, Ebbers was worth an estimated $ 1. 4 billion and listed at number 174 on the Forbes 400.

When the allegations of conspiracy and fraud were first brought to light in 2002, Ebbers addressed the congregation and insisted on his innocence.

This initiated a series of investigations and legal proceedings, which naturally focused on Ebbers, WorldCom's then-CEO.

In response to a subpoena, Ebbers appeared before the U. S. House Committee on Financial Services on July 8, 2002.

Federal authorities indicted Ebbers with security fraud and conspiracy charges on March 2, 2004.

Ebbers was found guilty of all charges on March 15, 2005.

Ebbers self-reported to Oakdale Federal Correctional Institution in Oakdale, Louisiana on September 26, 2006, driving himself to the prison in his Mercedes.

Worldcom executives were involved in a financial scandal resulting in the CEO, Bernie Ebbers, to be ousted and later brought up on federal charges.

Worldcom executives were involved in a financial scandal resulting in the CEO, Bernie Ebbers, to be ousted and later brought up on federal charges.

" Bernard J. Ebbers was convicted of all charges on March 15, 2005.

Notable cases investigated during his tenure as Attorney General have included the August, 2003 indictment of WorldCom and its former CEO Bernard Ebbers on charges of violating state securities laws although the charges were later dropped following Ebbers's federal sentencing.

On October 11, 2002, WorldCom investors brought a class action civil lawsuit against Ebbers and other defendants, alleging injuries as a result of Ebbers ' securities fraud violations.

Ebbers filed for divorce in July 1997 and married his second wife, Kristie Webb, in the spring of 1999.

In 1999, Ebbers announced that MCI WorldCom would acquire its rival Sprint Communications for over $ 115 billion.

* Bernard Ebbers, founder of WorldCom, which inflated its asset statements by about $ 11 billion.

CEO Bernard Ebbers became very wealthy from the rising price of his holdings in WorldCom common stock.

During 2001, Ebbers persuaded WorldCom ’ s board of directors to provide him corporate loans and guarantees in excess of $ 400 million to cover his margin calls.

The board hoped that the loans would avert the need for Ebbers to sell substantial amounts of his WorldCom stock, as his doing so would put further downward pressure in the stock's price.

Beginning modestly in mid-year 1999 and continuing at an accelerated pace through May 2002, the company ( under the direction of Ebbers, Scott Sullivan ( CFO ), David Myers ( Comptroller ) and Buford " Buddy " Yates ( Director of General Accounting )) used fraudulent accounting methods to mask its declining earnings by painting a false picture of financial growth and profitability to prop up the price of WorldCom ’ s stock.

* Bernard " Bernie " Ebbers — Founder, CEO of WorldCom.

For example Bernie Ebbers ( former CEO of WorldCom ) was sentenced to 25 years in federal prison for allowing WorldCom's revenues to be overstated by billion over five years.

* Bernard Ebbers, Fraudster who engineered an accounting fraud at WorldCom while he was its CEO

* Bernie Ebbers, former CEO of WorldCom, lived both in and near Brookhaven before being sent to prison for white-collar fraud.

* Bernard Ebbers, former WorldCom CEO

Much of Ebbers ' personal holdings were purchased with loans that had been backed by his WorldCom stock holdings.

In an effort to prevent Ebbers from having to sell his shares, the WorldCom board of directors authorized a series of loans and loan guarantees between September 2000 and April 2002.

The parties agreed that Ebbers and his codefendants would distribute over $ 6. 13 billion, plus interest, to over 830, 000 individuals and institutions that had held stocks and bonds in WorldCom at the time of its collapse.

Sullivan entered a guilty plea and was sentenced to five years in prison as part of a plea agreement in which Sullivan testified against former WorldCom CEO Bernard Ebbers, who received a 25-year sentence ( the maximum sentence that Sullivan could have received if he had not accepted the plea agreement and was found guilty ).

" Bernie " Ebbers, former WorldCom CEO, claimed that $ 11 billion in fraud was committed by the company's CFO, Scott Sulivan, and other subordinates without Ebbers's knowledge.

In August 2011, Goldman confirmed that Blankfein had hired high-profile defense lawyer Reid Weingarten, who had previously represented executives including former WorldCom CEO Bernard Ebbers and former Enron accounting officer Richard Causey.

However, this strategy ultimately failed and Ebbers was ousted as CEO in April 2002 and replaced by John Sidgmore, former CEO of UUNET Technologies, Inc.

On March 15, 2005 Bernard Ebbers was found guilty of all charges and convicted of fraud, conspiracy and filing false documents with regulators — all related to the $ 11 billion accounting scandal at the telecommunications company he founded.

At time of sentencing, Ebbers was 63 years old.

Born to the family of a traveling salesman, Bernard Ebbers was the second of five children.

In July 2001, Ebbers was proposed as the chair for the President's National Security Telecommunications Advisory Committee.

Dubbed the " Telecom Cowboy ," Ebbers was known for his unorthodox style.

Following his actions, Ebbers was threatened with Contempt of Congress charges.

The basis of the allegation was that Ebbers ' statement constituted testimony that could not be cross-examined.

Ebbers was allowed to remain free for another year while his appeal was being considered.

On paper, Ebbers was supposedly left with around $ 50, 000 in known assets after settlement.

During his criminal trial, Ebbers testified, " I was shocked.