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FBI Case File Review

217: Kevin Rust – WorldCom, Corporate Fraud

FBI Case File Review

Jerri Williams

True Crime, Government

4.72.3K Ratings

🗓️ 26 November 2020

⏱️ 63 minutes

🧾️ Download transcript

Summary

Retired agent Kevin Rust reviews his initial investigation of WorldCom, at the time, the USA's second largest long-distance telephone company. The company's senior executives orchestrated a scheme to inflate earnings in order to maintain WorldCom's stock price. It was a major corporate fraud accounting scandal. 

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Transcript

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0:00.0

Welcome to episode 217 of FBI Retired Case File Review with Jerry Williams.

0:12.8

I'm a retired agent on a mission to show you who the FBI is

0:17.9

and what the FBI does through my books, my blog,

0:21.4

and my podcast case reviews with former colleagues. Today, once again, we get to speak to

0:28.9

Retired Agent Kevin Rust, who served 29 years with the FBI.

0:34.7

Kevin spent most of his career in Mississippi

0:37.8

and resident agencies out of the Jackson Division,

0:41.3

including 13 years in a one-person office. in of WorldCom at the time the country's second largest long-distance telephone

0:55.9

provider. The corporation's senior executives orchestrated a scheme to inflate

1:02.1

earnings in order to maintain WorldCom's stock price.

1:06.7

It was a major accounting scandal in the early 2000s.

1:11.3

During his Bureau career, Kevin also had assignments in Chicago, Budapest, FBI headquarters,

1:18.4

and the FBI Academy in Quantico.

1:21.3

He was a crisis negotiator who responded to many incidents both domestically

1:26.8

and internationally and taught negotiation concepts to hundreds of state, local, and international officers.

1:35.0

Kevin Rust, who prior to entering the FBI was a CPA with Price Waterhouse,

1:41.0

currently works as a contractor for the FBI's International

1:45.6

Corruption Unit.

1:47.1

Tracing money flows and identifying for seizure assets that were purchased with money stolen by foreign kleptocrats.

1:56.0

Kevin was previously interviewed in episode 91 and episode

2:03.6

1 17 regarding civil rights matters. He dedicates this episode to the memory of his friend and colleague

2:09.6

retired agent Jim Davis.

...

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