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Ebbers convicted of $11 billion fraud
A jury found former WorldCom CEO Bernard J. Ebbers guilty of all nine counts against him, despite efforts by Ebbers' defense team to portray the man as ignorant of what was happening behind the scenes at the company. The verdict sends a sharp message to high-ranking executives at other large companies that penalties for fraudulent conduct will be stiff. Ebbers, who declined to comment, could face up to 85 years in prison, although it's unlikely he'll be sentenced to such a long term. Reid H. Weingarten, the lead attorney for Ebbers, said he will appeal. Washington Post, The (3/16), NYTimes.com (3/16), Chicago Tribune (3/16), Wall Street Journal, The (3/16)