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twitterWider fraud suspected by congressman
Monday, July 8, 2002 | 9:40 a.m.
NEW YORK -- WorldCom Inc. may have hid another $1 billion in expenses on top of the $3.9 billion already revealed, Congressman Michael Oxley said today on ABC's "Good Morning America."
Oxley, a Republican from Ohio and chairman of the Financial Services Committee, also said he suspects WorldCom's former Chief Executive Officer Bernard Ebbers knew about the accounting tricks the company used to fabricate profits for the past five quarters.
The Securities and Exchange Commission has accused WorldCom of fraud, and executives including Ebbers and former Chief Financial Officer Scott Sullivan have been called to testify before the House panel today. WorldCom has extended an internal accounting probe as far back as 1999, a move Oxley said could uncover more hidden expenses.
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