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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. [111] Ultimately, WorldCom admitted to inflating its assets by $11 billion. [112]
The fraud was uncovered in June 2002 when the company's internal audit unit led by unit vice president Cynthia Cooper discovered over $3.8 billion of fraudulent balance sheet entries. Eventually, WorldCom was forced to admit that it had overstated its assets by over $11 billion. At the time, it was the largest accounting fraud in American history.
Scott D. Sullivan is the former chief financial officer, secretary, treasurer, and a board member of WorldCom, who was convicted as part of WorldCom's $3.8 billion accounting fraud, at the time the largest scandal of its kind in U.S. history.
Computer giant Dell Inc. has been slapped with a $100 million penalty to settle charges of accounting fraud and lying to investors, the Securities and Exchange Commission (SEC) announced. Under ...
Lehman Brothers Holding, Inc. ('Lehman') engage in an accounting fraud involving the surreptitious removal of tens of billions of dollars of fixed income securities from Lehman's balance sheet in ...
Fraud alleged to have impacted upwards of 500 public companies, according to Securities and Exchange Commission Accounting firm used by Trump Media hit with ‘massive fraud’ charge Skip to main ...
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] Reporting at the time added "other former executives have been indicted or fired;" [6] "several... have pleaded guilty to criminal charges." [9]
The regulator is seeking monetary penalties and other sanctions. ... a U.S.-based financial research firm accused Adani and his company of “brazen stock manipulation” and “accounting fraud ...