An American telecommunications company founded in 1983 in Hattiesburg, Mississippi as Long Distance Discount Services, renamed WorldCom in 1995 and grown largely by acquisition, including MCI Communications in 1998. Between September 2000 and April 2002 its executives ran a scheme to inflate the company's assets and understate expenses; the fraud's discovery in June 2002 led to a bankruptcy filing that July, the largest in United States history at the time. The company emerged from bankruptcy in 2004 under the MCI Inc. name. This description is adapted from Wikipedia contributors under CC BY-SA 4.0; changes were made. https://creativecommons.org/licenses/by-sa/4.0/
Facts
Company TypeLong-distance and internet telecommunications carrier (historical; reorganized as MCI Inc. after its 2002 bankruptcy) 3 Founded Year HeadquartersClinton, Mississippi, U.S. (originally Jackson, Mississippi as Long Distance Discount Services) 3 Chronology
Dissolved Year Company Type
Company Type (category) Connections
Associated With
The company whose 2000-2002 accounting fraud this event names.
Founded By
Source Wikipedia, Bernard Ebbers
Led By
Chief executive from the company's founding (as Long Distance Discount Services, renamed WorldCom in 1995) until his forced resignation in April 2002, amid the accounting scandal that led to his March 2005 conviction for fraud and conspiracy.
Source Wikipedia, Bernard Ebbers
Operates In
Long-distance and internet telecommunications carrier.
Additional Source Wikipedia, MCI Inc.Lead section
Related Corporate Events
Source Wikipedia, WorldCom
Sources
1. Wikipedia: WorldCom
Wikipedia
2. Wikidata: WorldCom
Wikidata Q1881291, class allow-list match (w-wdresolver-0926)View the Source 3. Wikipedia, MCI Inc.
Wikipediaopening paragraph
WorldCom grew largely by acquiring other telecommunications companies, including MCI Communications in 1998, and filed for bankruptcy in July 2002 after an accounting scandal, in which several executives were convicted of a scheme to inflate the company's assets.
Operates In: Telecommunications Industry, Lead section
MCI, Inc. (formerly WorldCom and MCI WorldCom) was a telecommunications company.
View the Source Wikipedia, Bernard Ebbers
WikipediaFounded By: Bernard Ebbers, Lead section
Bernard John Ebbers was a Canadian-American businessman and the co-founder and chief executive officer (CEO) of WorldCom.
- Led By: Bernard Ebbers, Lead section
View the Source Wikipedia, WorldCom
WikipediaRelated Corporate Events: WorldCom Accounting ScandalView the Source Frequently Asked Questions
What happened to WorldCom after its accounting fraud was discovered?
WorldCom, founded in 1983 in Hattiesburg, Mississippi as Long Distance Discount Services and renamed WorldCom in 1995, grew largely through acquisitions including MCI Communications in 1998. Between September 2000 and April 2002 its executives ran a scheme to inflate the company's assets and understate expenses, and when the fraud was discovered in June 2002 the company filed for bankruptcy that July, the largest bankruptcy filing in United States history at the time. It emerged from bankruptcy in 2004 under the MCI Inc. name.
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