Bernie Ebbers

THEN: Bernie Ebbers was CEO for Mississippi-based long-distance reseller Long Distance Discount Service (LDDS), which in 1995 became WorldCom Inc. The companys legendary buying spree — 65 transactions since the company was created in 1983 including the $40 billion merger with MCI in 1997. In 1997, PHONE+ named him the most influential person in the industry.

NOW: Ebbers is serving a 25-year prison sentence for an $11 billion accounting fraud that caused his company, WorldCom Inc., to file the largest bankruptcy in U.S. history. In 2005, he was convicted of nine counts of fraud, conspiracy and making false filings with regulators. WorldCom emerged from bankruptcy in 2004 as MCI Inc., which merged with Verizon in January 2005.