TELECOM Digest OnLine - Sorted: Latest on Worldcom

Latest on Worldcom

spider (
Mon, 07 Mar 2005 18:11:49 GMT

I recently received the following Re: Worldcom.


United States District Court
Southern District of New York
Securities and Exchange Commission,:
Plaintiff, :Civ No. 02-CV-4963 (JSR)
v. :
Worldcom, Inc., :
Defendant. :

Eligibility Criteria

1. You are not entitled to any recovery from the Trust for any
Eligible Securities you sold prior to June 25, 2002.

2. You are not entitled to a recovery from the Trust with respect to
any Eligible Securities you acquired prior to April 29, 1999.


In other words, in order to recover any money from the SEC for the
Worldcom fraud, you had to have bought your shares after the fraud
started and not sold your shares until the fraud was made public.

I sold my shares 7 days too early. I won't get a dime of restitution.

It took me a while to figure out what was happening here. There is
only one group of people who are eligible for restitution:

Former employees of Worldcom!

The employees were forced to buy Worldcom stock for their 401Ks.
Worldcom then forbid their employees from selling their Worldcom stock
until the fraud was discovered. They will get restitution.

People like me are going to get nothing, According to the SEC and the
United States District Court we didn't get cheated.

This stinks to high heaven. Only a small, carefully selected group of
people will get restitution. The individual investor without political
or financial clout can go pound sand.

I have lost all respect for the SEC and the Courts. I will never put a
dime in the stock market ever again. If this is the government's idea
of restoring investor credibility, then they have completely lost it.
The stock market is just a place to lie, steal and cheat with the full
connivance of the government and the court system.

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