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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]
Kerr-McGee, the Karen Silkwood case; Kinney National Company financial scandal; Lernout & Hauspie accounting fraud; Lockheed bribery scandal in Germany, Japan, and Netherlands; Livedoor scandal; Luxembourg Leaks. Luxembourg under Jean-Claude Juncker's premiership had turned into a major European centre of corporate tax avoidance. [34] Marsh ...
Macy's said an employee intentionally made accounting errors totaling $132 million to $154 million. Auditing experts told BI the available evidence suggests a failure of internal accounting controls.
Authorities charged Fatburger owner Fat Brands and Chairman Andy Wiederhorn of running a scheme that netted him $47 million in bogus loans from the company.
Federal prosecutors have dismissed a securities and accounting fraud case against two former top executives of Celadon Group Inc., an Indianapolis-based trucking and transportation company that ...
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]
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 ...
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 ...