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One Year After Sentencing, Ebbers Still Free - As Are Other Corporate Bad Boys
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ShareJuly 14, 2006 10:05 AM
One year ago this week, former WorldCom CEO Bernard Ebbers was sentenced to serve up to 25 years in federal prison for charges stemming from an $11 billion accounting fraud scandal that brought down his company. Headlines at the time said it was the toughest sentence yet in a string of corporate scandals.
Yet, Ebbers has yet to see the inside of a prison cell. He remains free pending his appeal. In fact, many of the men who were at the center of corporate scandals in the past few years are still free.
John Rigas, former Chairman of the cable company Adelphia, was sentenced to 15 years in prison for using $1 billion in corporate money for personal homes and a private golf course for himself and his sons.
Yet, Rigas and his son Timothy, who was sentenced to serve 20 years, both remain free pending their appeals. Brother Michael pled guilty to a lesser charge and will not serve any prison time at all, though he was sentenced to 10 months home confinement.
And then there's Gary Winnick, the former chairman of Global Crossings. His company's stock went from $60 a share to $.05 a share. Winnick's $734 million stock sale before the collapse of his company spawned a federal investigation. In the end, no criminal charges were ever brought against him.
Some convicted corporate crooks, however, have not been so fortunate. Former Tyco CEO Dennis Kozlowski is currently behind bars on a grand larceny and securities fraud conviction.
It remains to be seen what will happen to former Enron CEO Jeff Skilling. He was convicted on 18 counts of conspiracy and fraud and is due to be sentenced in September.
July 14, 2006 | Permalink | User Comments (4)
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Interesting! Why are they not in jail while waiting for their appeals like other convicted criminals?
Money is power regardless of how it is acquired apparently. Reality can be saddening.
Posted by: shelenn | Jul 14, 2006 10:20:28 AM
Some people might say that the humiliation is punishment emough for these corporate scouldrels. As a 'little investor' who lost thousands I do not agree. They should rot in jail and all their assets and their future eanings should be used to pay us "little people'.
Posted by: DJJ | Jul 15, 2006 7:39:28 AM
Money bought the judges. Prosecution lawyers made deals with defense lawyers and the innocent suffer. Absolute power corrupts absolutely. I think there was a song about it, "Night Georgia burned down.
Posted by: Ralph Henson | Jul 15, 2006 7:23:47 PM
The term American and Justice do not go together anymore. We all know that if you have enough money by the time you are caught you can pretty much walk. The laws for these mutimillion dollar thieves need to be changed. And the punishment needs to be carried out ASAP. As for reembursment they should lose everything they own to at least pay a few cents back to the victims.
Posted by: Ken S | Jul 18, 2006 9:01:04 AM
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