WorldCom, SEC May Make a Deal
Company's fine could be among the largest in history, report says.
Gillian Law, IDG News Service
WorldCom is close to an agreement with the U.S. Securities and Exchange Commission that would settle all accountancy fraud charges against it, according to a report in The Wall Street Journal online edition Monday.
As part of the settlement WorldCom, now rebranding itself as MCI, is likely to pay a larger fine than the $10 million levied against Xerox last year, and potentially the largest fine ever levied by the SEC against a non-broker-dealer corporation, the WSJ said.
WorldCom is in the process of changing its official name to MCI.
Awaiting Approval
The agreement must be approved by U.S. District Judge Jed Rakoff, who will possibly hear the case as early as Monday, the report said.
SEC and WorldCom officials have been working since November 2002 to agree on the size of a fine, the WSJ said. Officials from both WorldCom and the SEC declined to comment on the report Monday.
The SEC first filed fraud charges against WorldCom in June 2002. In a series of startling announcements, WorldCom said it would restate its earnings due to accounting irregularities totaling almost $4 billion in June 2002, then admitted to a further $3.8 billion in errors in August 2002, finally increasing the total to over $9 billion in November 2002.
Laptop Showcase
Go Wireless on Printing
- Great year-end deals

for small business! -
Get 24/7 live remote AT&T Tech Support 360* service along with select Lenovo* PCs (with Intel® Core™ 2 Duo processors) and save up to 200!
-
HP EliteBook* 6930p Notebook with Intel® vPro™ technology and a free HP Basic Docking Station - $641 instant savings!
- *Other names and brands may be claimed as the property of others. ©2009 Intel Corporation. Intel, the Intel logo, vPro and Core trademarks of Intel Corporation in the United States and other countries. All rights reserved.
Dell End of Year Deals
-
Ring in the New Year with Huge Deals on Dell Computers
Up to 30% Popular Dell Laptops, up to 25% off Popular Dell Desktops. Sales ends 12/31 5AM EST.
People who read this also read:
Best Prices on LCD Monitors
T240HD Black 24" Widescreen LCD MonitorPrice: $235.00
E211H bmd Black 21.5" Widescreen LCD MonitorPrice: $179.98
T260HD 25.5" Widescreen LCD MonitorPrice: $299.00
S2409W Black 24" Widescreen LCD MonitorPrice: $268.50
SyncMaster 933SN Black 18.5" Widescreen LCD MonitorPrice: $37.50
T220HD Black 22" Widescreen LCD MonitorPrice: $195.95
- Perfect Printing Solutions Find just the right All-in-One Printer for you from HP. Visit the HP Resource Center.
- Acer Laptop Center Forget the Mouse...check out the next generation multi-gesture touch screen technology from Acer.
- Dell Shopping Center Check out great deals from Dell!
Cameras
Camcorders
Cell Phones
Components
Desktops
HDTV
Home Theater
GPS
Laptops
Monitors
MP3 Players
Networking &
Printers
Storage







