Statement of SEC Spokesperson (Re: Oklahoma WorldCom Actions)


Washington, D.C., Aug. 27, 2003 -- An SEC spokesperson made the following statement today:

"Our goal and our hope is to coordinate federal and state enforcement actions in a manner that results in the most effective and efficient enforcement possible for violators of our securities laws. As such, we were disappointed that the SEC was not contacted by the Oklahoma Attorney General about the actions he announced today.

"The SEC sued WorldCom within 48 hours of the company's announcement of its earnings overstatement -- which resulted in the largest penalty ever obtained in a civil action under the federal securities laws -- and thus far, we have brought enforcement actions against four of WorldCom's former employees. The SEC's investigation into WorldCom is active and is continuing.

"We have closely coordinated our efforts with those of the United States Attorney's Office for the Southern District of New York, which has criminally charged five of WorldCom's former employees. We hope that the Oklahoma Attorney General's actions will not jeopardize the criminal cases being prosecuted by the U.S. Attorney's Office or the ongoing investigations."

Last modified: 8/28/2003