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July 30, 2014

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Review implicates Ebbers in fraud

NEW YORK -- An independent review of accounting fraud at WorldCom Inc. shows former chief executive Bernard Ebbers participated in schemes to artificially inflate company revenues, The Wall Street Journal reported today.

The review, expected to be released Monday, details how WorldCom sought to conceal more than $10 billion in losses through accounting fraud starting in 1999.

WorldCom filed the largest bankruptcy case in U.S. history last July, and investors have lost more than $180 billion from the plunge of its stock.

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