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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 ...
The fraud centered around the laundering of over $10 billion between FTX and Alameda Research, another company owned by Bankman-Fried. [ 15 ] Jordan Belfort swindled over $200 million via a penny stock boiler room operation.
On January 16, 2009, the United Kingdom Serious Fraud Office uncovered an £80 million buy-to-let property fraud scheme operating under a company called Practical Property Portfolio in which at least 1,750 investors were conned out of £25,000 each in return for a promise of a house in the North East of England. All five directors—John Potts ...
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 ...
1992 Indian stock market scam; 2003 mutual fund scandal; 2009 Peanut Corporation of America recall; 2015 FIFA corruption case; 2017 Bank of the Philippine Islands systems glitch; 2020 Kerala gold smuggling case; 2021 Facebook leak
Bernie Madoff, who came to epitomize Wall Street corruption with his epic $65-billion Ponzi scheme, has died in prison of natural causes at age 82.
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