Bernard Ebbers
| Bernard Ebbers | |
|---|---|
Bernard Ebbers
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| Born |
Bernard John Ebbers August 27, 1941 Edmonton, Alberta, Canada |
| Criminal charge | Securities fraud, conspiracy |
| Criminal penalty | 25-year imprisonment |
| Criminal status | Incarcerated |
| Spouse(s) | Linda Pigott (divorced), Kristie Webb (divorced) |
| Imprisoned at | Oakdale Federal Correctional Institution, Louisiana |
Bernard John "Bernie" Ebbers (born August 27, 1941) is a Canadian businessman. He co-founded the telecommunications company WorldCom and is a former chief executive officer of that company.
In 2005, he was convicted of fraud and conspiracy as a result of WorldCom's false financial reporting. The WorldCom scandal was, until the Madoff schemes came to light in 2008, the largest accounting scandal in United States history. He is currently serving a 25-year prison term at Oakdale Federal Correctional Complex in Louisiana. In 2013, Portfolio.com and CNBC named Ebbers as the fifth-worst CEO in American history; In 2009, Time named him the tenth most corrupt CEO of all time.
Born to the family of a traveling salesman, Bernard Ebbers was the second of five children. He was born in Edmonton, Alberta, and his family also lived in California and New Mexico while he was growing up, before returning to Edmonton. After high school, Ebbers briefly attended the University of Alberta and Calvin College before enrolling at Mississippi College. During the time between schools he worked as a milkman and bouncer. While attending Mississippi College, Ebbers earned a basketball scholarship. An injury before his senior season prevented him from playing his final year. Instead of playing, he was assigned to coach the junior varsity team.
In 1968 Ebbers married Linda Pigott, and the couple raised three daughters. Ebbers filed for divorce in July 1997 and married his second wife, Kristie Webb, in the spring of 1999. His second wife filed for divorce on April 16, 2008, less than two years after he entered prison.
Ebbers began his business career operating a chain of motels in Mississippi. He joined with several other people in 1983 as investors in the newly formed Long Distance Discount Services, Inc. (LDDS). Two years later he was named chief executive of the corporation. The company acquired over 60 other independent telecommunications firms, changing its name to WorldCom in 1995. In 1996, WorldCom acquired MFS Communications, Inc., which itself had recently acquired UUNet and its Internet backbone. At the time, this $12 billion transaction was one of the largest corporate acquisitions in U.S. history, although it would soon be eclipsed by much larger deals, including WorldCom's proposed $40 billion acquisition of MCI.
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