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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]
Arthur Andersen LLP v. United States, 544 U.S. 696 (2005), was a United States Supreme Court case in which the Court unanimously overturned accounting firm Arthur Andersen's conviction of obstruction of justice in the fraudulent activities and subsequent collapse of Enron.
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 ...
The scheme erased more than $3.3 million worth of debts, Texas authorities said. Woman fakes 133 police reports to erase millions in debts, Texas cops say Skip to main content
(The Center Square) – The state of Texas has two more wins in court, in a sweeping small business federal regulatory action that a federal judge ruled is unconstitutional and a federal agency ...
Enron logo. The Enron scandal was an accounting scandal sparked by American energy company Enron Corporation filing for bankruptcy after news of widespread internal fraud became public in October 2001, which led to the dissolution of its accounting firm, Arthur Andersen, previously one of the five largest in the world.
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 ...
In the meantime, related rulings were handed down in a civil case that had been brought against the Internal Revenue Service in late 2004 by two Texas lawyers, Harold W. Nix, and C. Cary Patterson. Nix and Patterson sued the IRS for refunds after the tax agency denied each of their claims for nearly $67 million in deductions stemming from their ...