The prosecution in the trial of Bernard Ebbers is recommending life in prison for the former WorldCom chief executive. Ebbers was convicted of securities fraud, resulting in the Chapter 11 bankruptcy of WorldCom, and a loss of over $2.2 billion to investors. "The fraud at WorldCom was the largest securities fraud in history. Along with Enron, the name WorldCom has become synonymous with fraud," the government said in published reports. Although the government compared Ebbers to high-profile executives who have been sentenced to lengthy prison terms, including Adelphia Communications Corp. founder and former chief executive John Rigas, observers say that the recent acquittals of other executives on similar charges -- including Tuesday's acquittal of former HealthSouth chief Richard Scrushy -- argue against such a severe sentence.
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The Public Company Accounting Oversight Board today sanctioned Goldman & Company, CPA's, Raymond Chabot Grant Thornton, and PWR CPAs.
July 11 -
The Senate passed a bipartisan bill that would provide tax-filing relief for taxpayers in states that have issued state-level disaster declarations, sending the bill to President Trump for his signature.
July 11 -
Wiss hosts third annual summer financial literacy program; Schneider Downs adds five shareholders; and more news from across the profession.
July 11 -
Plus, Abacus announces $6.6 million seed funding for agentic AI assistants; and other news and updates from the accounting tech arena.
July 11 -
Underhanded underground; down on the farm; reality check; and other highlights of recent tax cases.
July 10 -
Smith + Howard, an Atlanta-based Top 100 Firm, has opened two new tax practices: site selection + incentives and state and local income tax consulting.
July 10