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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]
Peregrine Systems [8] [10] corporate executives convicted of accounting fraud; Phar-Mor [8] company lied to shareholders. CEO eventually sentenced to prison for fraud and company eventually became bankrupt; Qwest Communications [10] RadioShack CEO David Edmondson lied about attaining a B.A. degree from Pacific Coast Baptist College in California
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.
BF Borgers, Trump Media & Technology Group’s independent accounting firm, was charged by the Securities and Exchange Commission on Friday with widespread fraud impacting more than 1,500 filings.
Apparently, Lehman had to route Repo 105 transactions through a British affiliate because no law firm in the United States would offer a legal opinion on the accounting treatment Lehman wanted to use.
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 ...
The report cleared KPMG and Ernst & Young of any responsibility for the accounting fraud at the company and concluded that the scheme had been too well concealed. The report said: "The masterminds of this case were hiding the illegal acts by artfully manipulating experts' opinions." [55]
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, leading to its accounting firm, Arthur Andersen, then one of the five largest in the world, dissolving.
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