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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 ...
Sam Bankman-Fried, owner of the now-bankrupt cryptocurrency exchange FTX, was convicted of multiple counts of wire fraud and conspiracy. The fraud centered around the laundering of over $10 billion between FTX and Alameda Research, another company owned by Bankman-Fried. [15]
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
[10] The most immediate impact was that it "cost investors hundreds of millions of dollars," [8] although unlike the matters of Worldcom and Enron, to which it was compared, "Computer Associates - since renamed CA Inc - did not go bankrupt."
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About 5.4 million Americans reported losing a total of $10 billion to the FTC to scams and fraud in 2023. More than 880,400 people reported losing over $12.5 billion under similar circumstances to ...
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