The former WorldCom ( WCOEQ) is reportedly expected to announce as early as Monday a pact with the Securities and Exchange Commission settling charges that it misled investors while executing an $11 billion accounting fraud.

The fine will be "exponentially larger" than the previous biggest fine levied by securities regulators against a non-broker-dealer, the $10 million Xerox ( XRX) had to cough up to settle its accounting case last year.

WorldCom now calls itself MCI and hopes to emerge from bankruptcy this fall. The company's chapter 11 case -- the biggest in U.S. history -- was filed last year after a scheme to overstate revenue by moving everyday expenses to the balance sheet came to light.

The pact must be approved by U.S. District Judge Jed Rakoff. Both the SEC and MCI are expected to present the pact to Judge Rakoff as early as Monday, The Wall Street Journal reported.