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Oklahoma Reportedly Plans to File Charges Against WorldCom, Ebbers

Aug 26, 2003 | Wall Street Journal

Oklahoma State Attorney Drew Edmondson plans to file criminal charges against WorldCom, its former chief executive Bernard Ebbers and five other individuals as early as Wednesday, people familiar with the situation say.

The charges are expected to say that WorldCom and several of its executives violated the Oklahoma Securities Act. The state aims to prove that WorldCom, which recently was renamed MCI, and six individuals including Mr. Ebbers willfully presented investors falsified information about the company, based on which the company offered the sale of its stock.

Several other states have already have opened investigations of WorldCom Inc. (WCOEQ) and some may file similar charges, people familiar with the situation say. The criminal charges deal the latest blow to MCI, which faces a U.S. criminal investigation and was recently barred from signing new contracts with the U.S. government.

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