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  • MCI (WorldCom) Expected to Pay Massive Fine in SEC Deal

    05/18/2003 9:32:09 PM PDT · by HAL9000 · 3 replies · 237+ views
    Dow Jones News Service | May 18, 2003 | Rebecca Blumenstein and Deborah Solomon
    NEW YORK -- The Securities and Exchange Commission and MCI, formerly known as WorldCom Inc. , are expected to announce as early as Monday a final agreement to settle charges that the telecom company misled investors with more than $11 billion of accounting fraud, according to people familiar with the matter, the Wall Street Journal has learned. As part of the settlement pact, MCI will pay the largest fine ever levied by the SEC against a corporation that isn't a broker-dealer, these people said. The fine is expected to be "exponentially larger" than the $10 million fine levied against...