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A month earlier, the company's internal auditors discovered over $3.8 billion in illicit accounting entries intended to mask WorldCom's dwindling earnings, which was by itself more than the accounting fraud uncovered at Enron less than a year earlier. [109] Ultimately, WorldCom admitted to inflating its assets by $11 billion. [110]
Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy, has admitted wrongdoing and agreed to pay a $24 million fine to settle an accounting fraud investigation, the U.S ...
Peregrine Systems [8] [10] corporate executives convicted of accounting fraud; Phar-Mor [8] company lied to shareholders. CEO was eventually sentenced to prison for fraud and the company eventually became bankrupt; Qwest Communications [10] RadioShack CEO David Edmondson lied about attaining a B.A. degree from Pacific Coast Baptist College in ...
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While it shouldn’t come as a surprise for an organization that has famously failed to ever pass an audit, the Pentagon was nevertheless able to shock some observers this week with a new batch of ...
The concept of "two sets of books" refers to the practice of keeping two sets of accounting ledgers ("books").In colloquial terms, this practice may refer to fraudulent behavior, i.e. attempting to hide or disguise financial transactions from outsiders by having a falsified set of records for official use and another for internal recordkeeping.
The CINAR scandal was a major accounting scandal in Canada that came to light in March 2000 at CINAR, one of the world's most successful children's television production companies at the time. [1] It was exposed when investigators revealed that US$122 million was invested into Bahamian bank accounts without the board members' approval. The ...
The former chief executive of MoviePass’ parent company has pleaded guilty to charges of securities fraud and conspiracy and could face up to 25 years in prison. Theodore Farnsworth “engaged ...