Oklahoma charges Ebbers, other former WorldCom executives

RON JENKINS, Associated Press Writer

Wednesday, August 27, 2003

©2003 Associated Press

(08-27) 16:56 PDT OKLAHOMA CITY (AP) --

Oklahoma prosecutors filed the first criminal charges Wednesday against WorldCom and former CEO Bernard Ebbers in the $11 billion accounting scandal that plunged the long-distance giant into bankruptcy.

The company, Ebbers and five other former executives were accused of falsifying the books in violation of Oklahoma securities law.

Each executive faces 15 charges, each carrying up to 10 years in prison. The former executives have one week to appear in court in Oklahoma City. WorldCom, which now calls itself MCI, could face millions in fines and restitution.

"By falsifying information, the company looked stronger on paper than it really was," Oklahoma Attorney General Drew Edmondson said. "Investors counted on this information when buying WorldCom securities. The company lied. These employees lied. The law was broken. It's just that simple."