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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]
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 ...
In February 2011, the SEC charged DHB Industries, a major supplier of body armor to the U.S. military and law enforcement agencies, for engaging in a large accounting fraud, and in addition separately charged three of DHB's former outside directors and audit committee members for their complicity in the scheme. [28]
Former CEO Sanjay Kumar, who served time and paid penalties [8]; Former sales executive Stephen Richards [6]; Former CA general counsel Steven Woghin, sentenced to two years. [12]
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Fred Levin, an executive vice president, was sentenced to seven years. In all, 22 people involved in the fraud either pled guilty or were convicted. Numerous other employees involved in the fraud were never charged. [5] An important sidelight was the filing of insider trading charges against whistleblower Dirks. The ensuing case of Raymond L ...
Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. [5] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible [7] quotas. [8]
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