10 Worst Betrayals In Tech World
#7 WorldCom Displays No Taste For Accounting
WorldCom, a telecommunication company in U.S.; now a subsidiary of Verizon Communications, just wasn’t as creative in accounting as it must have to halt its disaster. In 2002, WorldCom deliberately overstated its revenue by nearly $4 billion, creating what was then the largest accounting scandal in U.S. history. Along the way, WorldCom, then called as kings of "dark fiber" betrayed employees, customers, creditors, shareholders, and other telecoms before ultimately filing for bankruptcy.
The company’s CFO Scott Sullivan, following the scandal, lost his job, while former CEO Bernie Ebbers began serving 25 years for fraud and conspiracy at a Club Fed prison in 2006.
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