WorldCom Fallout

By: Associated Press
By: Associated Press

The top federal securities regulator says he won't tolerate any falsehoods in WorldCom's report on its accounting scandal.

The report is due Monday. On ABC's ''This Week,'' Securities and Exchange Commission Chairman Harvey Pitt said ''people will pay heavily'' if they don't tell the truth.

Pitt is demands that WorldCom executives, "make a statement under oath, telling the American public exactly what went on there and what their true financial condition is.''

The telecommunications company disclosed last week that it disguised nearly $4 billion in expenses from the investing public.

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