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Major Accounting Scandals

Founded in 1984, accounts were Number of Employees Comparison falsified since 1996, exposed in 2003, overstated income of as much as 4,700%, operated 100 inpatient Rehabilitiation Hospitals, CEO sold $75 million in stock days before the company posted a huge loss, CEO later acquitted on all 36 of account- ing fraud counts against him ВСІ 30,000 Enron 22,000 Tyco 118,000 Kanebo 13,580 Parmalat 15,000 Waste Management 50,000 Founded in 1961 in Italy, forgery and bankruptcy among other allegations Health South 22,000 AIG 116,000 Satyam 53,000 Founded in 1919, payoff agreements, rigged bids for insurance contracts Founded in 1894, network of 413 collection operations, earnings were inflated by increasing the depreciation time length for their prop- erty and equipment in 2002, environmental violations at certain plants Founded in 1987, inflated cash and bank balances Health South Parmalat AIG Waste Satyam Computer Services Management Inc. $1.7 billion $1.5 billion Major Accounting Scandals $2 billion $20 billion + Bank of Credit and Commerce Kanebo International (BCCI) Limited Tyco International Enron WorldCom Founded in 1985, world's Founded in 1887, leading electricity, natural gas, paper and communica- tions company, debts hidden, profits inflated, offered bribes to foreign govern- ments to get contracts textiles/cosmetics group giant in Japan, inflated profits over a five-year period Founded in 1960, global manufacturing com- pany, CEO and former CFO accused of theft Kenneth Lay (62 years old) died before 24 yrs. Founded in 1983, second federal largest long distance phone company, underreporting from company in 2002, Dennis Kozlowski prison sentencing expenses (CEO) sentenced to 6 yrs. 8-25 years in state prison at age 56 Jeff Skilling (50 years old) (47 years old) 25 yrs. federal prison Andrew Fastow 5 yrs. federal prison Amount of Fines Comparison Bernie Ebbers Scott D. Sullivan (62 years old) (42years old) Founded in 1972 in Pakistan, major international bank, more than $13 billion of the heist are unaccounted $457 million for, bribery, support of terrorism, money laundering, smuggling, sale of nuclear technologies $1.6 billion AIG sources: Waste scandals/,_Inc#Accounting_scandal Management Balance sheet only showed half of debt $2.7 billion $1.4 billion $600 million $3.8 billion $1 billion

Major Accounting Scandals

shared by GeeGrl on Mar 23
The company HealthSouth was involved in a corporate accounting scandal in which its Chief Executive Officer, Richard M. Scrushy, was accused of directing company employees to falsely report grossly ex...


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