Ebbers loses appeal

Former WorldCom boss Bernie Ebbers lost his appeal against his conviction and 25-year prison sentence for fraud and conspiracy on Friday. A federal appeals court in New York upheld the guilty verdict passed by the jury in Mr Ebbers' original trial back in March 2005. The convictions against Mr Ebbers relate to his part in an USD11 billion accounting fraud at the telecoms firm. Since last year the 64-year-old has remained on bail pending the appeal.

The three appeal judges rejected Mr Ebbers' contention that his trial had been ‘fundamentally flawed’, and instead upheld the trial jury's verdict. ‘The methods [Mr Ebbers] used [at WorldCom] were specifically intended to create a false picture of profitability even for professional analysts that, in Ebbers' case, was motivated by his personal financial circumstances,’ wrote Judge Ralph Winter of the US Second Circuit Court of Appeals. ‘Given Congress' policy decisions on sentences for fraud, the sentence is harsh but not unreasonable,’ the judge added. Mr Ebbers' lawyer, Reid Weingarten, said in a statement that he was deeply disappointed by the decision, and promised to keep fighting until Mr Ebbers is vindicated.