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On March 15 2005 , Bernard Ebbers , Ex-CEO of WorldCom was convicted on one count of conspiracy , one count of securities fraud and seven counts of false regulatory filings (Associated Press , 2005 . The charges are because he repeatedly ed the falsification of accounting records the then finance Chief Scott Sullivan , who masterminded the fraud also pled guilty to fraud claimed that he was ed to adjust the records to meet Wall Street expectations . The move was to benefit him (Ebbers as he was obsessed with keeping the company 's stock price high (which

would benefit the company ) as he was liable for personal loans of up to 400 million , which were secured with his shares in the company

In 2004 , Reliant Energy Services Inc , and some of its officers were charged with conspiracy to commit wire fraud , commodities manipulation and attempted manipulation of the price of a commodity in interstate commerce (Department of Justice , 2004 . According to the charges , in June 2000 ,the company artificially inflated the the prices of elecricity by shutting off its power generation to create the false appearance of a shortage . Once the defendants accomplished the artificial inflation of prices , Reliant Energy Services proceeded to turn certain of the company 's plants back on in to sell its power to California 's grid manager , the ISO , for as much as 750 per megawatt hour also the defendants also proceeded to sell the company 's previously losing financial position in the term market , which had become profitable...

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