Tech betrayal No. 3: WorldCom displays no taste for accounting
It was just a little creative accounting. In 2002, WorldCom deliberately overstated its revenue by nearly $4 billion, creating what was then the largest accounting scandal in U.S. history. Along the way the kings of "dark fiber" betrayed employees, customers, creditors, shareholders, and other telecoms before ultimately filing for bankruptcy. After the scandal, CFO Scott Sullivan lost his job, while former CEO Bernie Ebbers (pictured) began serving 25 years for fraud and conspiracy at a Club Fed prison in 2006. Remember when guilty executives actually paid for their crimes? Those were the days.