Starting a new company from scratch and reaching goals quickly is a dream for a lot of people, but only a very small number actually succeeds in this dream because you need a lot of luck. One of the biggest telecommunications companies ever to exist was Global Crossing and you might have heard of it before. This company was a perfect example of how you should run your business or was it? Well, we can debate on that subject for a long time because there were a lot of positive things and also negative things about this company that you need to know. Global Crossing was founded in 1997 and it bankrupted in 2002. This was a huge shocker for a lot of people, especially those who were using their telecommunication services.
In this article, we are going to talk more in-depth about this particular company and how it eventually settled in 2004. We believe that this is both a great and tragic story and you have a lot to learn from. If you continue reading, you will find all kinds of valuable and helpful information that will benefit you in the future to avoid making some basic mistakes. Learning from your own mistakes is one thing, but when you have a chance to learn from other mistakes, then you should always take the opportunity.
If you are wondering what the reason for the downfall of this company was, then all you need to know is they were accused of committing investment fraud. The lawsuit was filed by some former employees and various investors. Luckily for them, the lawsuit was later on in 2004 settled and they all received money from this.
Investment fraud or stock fraud like some people might call it, is a very dangerous road and you should always stay away from it. there isn’t anything good that can come to you as a permanent result.