Bernard Ebbers, the former chief executive of WorldCom, was found guilty by a federal jury yesterday of fraud charges related to the $11 billion accounting scandal at the telecommunications company.
Ebbers (63) was also found guilty of conspiracy and filing false documents with regulators.
He faces up to 85 years in prison. Sentencing is slated for June 13th. The tall, bearded Ebbers, who worked as a bouncer, basketball coach and milkman before getting into the telecommunications business, sat with his hands folded as the verdict was read and showed little reaction.
He then turned to hug his wife, who was crying. The Manhattan jury delivered its verdict after a six-week trial to determine whether Ebbers orchestrated a fraud at WorldCom, the long-distance company he built from a small Mississippi upstart into a telecommunications powerhouse.
Ebbers, who took the witness stand in his own defense, repeatedly denied the charges, saying he was unaware of the fraud and pinning the blame on his former right-hand man and finance chief, Scott Sullivan.
Ebbers' lawyer said after the verdict that he would appeal.
"The fight will continue," Reid Weingarten said. When asked how his client reacted to the verdict, Mr Weingarten said, "I'm sure he's devastated." Mr Weingarten said the case was "riddled with reasonable doubt." "We profoundly disagree with the verdict," he said.
Ebbers was one of six former company executives indicted after the fraud came to light in 2002.