Overview of the Worldcom companyWorldCom is an American telecom company . In 1983 ,the company called “LDDS” or “Long Distance Discount Services”. In 1985, the company elected Bernard Ebbers as its CEO .
In 1995 the company change its name to LDDS Worldcom and to Worldcom. In August 1989, the company went public after acquiring Advantage.On 21 July 2002, the company filed for bankruptcy protection and became the largest bankruptcy protection in the history of the United States. On 14 April 2003, the company change its name to MCI and moved its headquarters from Mississippi to Virginia. According to the bankruptcy restructuring plan, the company used case to paid SEC a total of 7.
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5 billion U.S. dollars and new company stocks to pay the deceived investors.14 February 2005 ,Verizon Communications Announces $7.6 Billion Acquisition of MCI.On 15 March 2005, Bernard Ebbers founded guilty of fraud, conspiracy, and forgery and sentenced to 25 years in jail.
Ebbers serving his sentence in September 2006 and was 64 years old.