SurfWax News Index  |  Track News  |  Save/Exchange Information |  About Us

    News and Articles on Accounting Fraud

    Archives: Accounting Fraud

    Evidence in Livent case overwhelming: Crown  Nov 29, 2008
    The accused directed and participated in a large-scale accounting fraud that lasted over five years, the Crown argues. Defence lawyers have not yet responded to the Crown's case. (Globe and Mail -- Business)

    An End Run Around Realogy's Lenders  Nov 28, 2008
    It began trading when Cendant, a franchising conglomerate that had fought back from what was, before Enron, the largest accounting fraud in American history, split into four pieces. Realogy was the only one of the four that worked out for shareholders, selling to Apollo for 19 percent more than the shares were worth just after the split-up. (Atlanta Journal-Constitution -- Business)

    The Reluctant CEO of the Year  Nov 28, 2008
    In the three years that followed, Fairfax claims in a lawsuit, they attempted to paint Watsa as a white-collar crook, and Fairfax as an Enron-style accounting fraud. (The case is now in the discovery phase in a New Jersey court. (Globe and Mail -- Business)

    Ex-NatWest Banker Bermingham Transferred to U.K. to Finish Prison Sentence  Nov 25, 2008
    The bankers were among 34 defendants in criminal cases resulting from the December 2001 collapse of Houston-based Enron, which plunged into bankruptcy after a widespread accounting fraud was made public. More than 5,000 jobs and $1 billion in employee retirement funds were wiped out, and investors sued to recover more than $40 billion in losses. (Bloomberg -- UK)

    Wachovia, Golden West Investigated for Lending, Disclosures to Investors  Nov 21, 2008
    The SEC has opened more than 50 inquiries relating to credit-market turmoil, while the Federal Bureau of Investigation examines about 30 companies for possible accounting fraud in connection with subprime lending. It's unclear whether the probe of Wachovia is part of those tallies. (Bloomberg)

    Crony Capitalism, Predatory Politicians, and the Detroit Three  Nov 21, 2008
    For example, in 2003, federal regulators discovered that Fannie Mae and Freddie Mac had engaged in Enron-style accounting fraud. But while executives at private companies who engaged in similar fraud went to prison -- and Congress responded by imposing the draconian and business-killing Sarbanes-Oxley bill on private businesses -- Fannie and Freddie executives barely received a slap on the wrist. (Human Events Online)

    How Cuban's Case Stacks Up  Nov 19, 2008
    Despite the notoriety that insider trading received in the 1980s, the complaints in terms of dollar amounts that the SEC uncovers typically involve accounting fraud, he said. But the SEC may have tackled such a high profile case to warn other investors that avoiding losses reaps the same penalty as securing gains. (Forbes -- Business)

    CUBAN'S RESPONSE: Posted on his blog  Nov 18, 2008
    I haven t found where it says that a company proceeding with a PIPE is the equivalent of a revelation of accounting fraud or an Enron type situation. A PIPE isn t even necessarily a bad thing, but Mark as I understand it didn t like that decision, and as a substantial shareholder (6. (USA Today -- Sports)

    Lehman worse than Enron, say PricewaterhouseCoopers  Nov 18, 2008
    Some of Lomas colleagues are still working on the Enron administration, seven years after the American energy company went bankrupt after the exposure of massive accounting fraud. AccountingWEB.co.uk 17th November 2008Categories: Times read: 216. (Accounting Web, UK)

    Carroll: Two scandals and the decade isn't over yet  Nov 16, 2008
    Among these were: securities fraud, conspiracy to inflate profits, corrupt corporate cultures, accounting fraud, sales tax evasion, looting the company's assets and so on. After prolonged investigations and trials, some of these chief-level executives were found guilty and were sent to prison. (Athens Banner-Herald)

    Sutherland's Atlanta Office Loses Prominent Husband-and-Wife Duo  Nov 12, 2008
    In 2004, for instance, she and Chandler won a dismissal with prejudice for the Big Four accounting firm in a $500 million accounting fraud claim brought by Mariner Health Care in Fulton County State Court. The head of King & Spalding's Atlanta litigation practice, Jeffrey S. Cashdan, said the firm "hopes and expects" that Tanis will bring PricewaterhouseCoopers work to the firm, adding that it's up to the accounting firm to make that decision. (Law.com)

    Obama's Bailout Bunch Brings Us More of the Same  Nov 11, 2008
    and got pinched years ago by the Securities and Exchange Commission for accounting frauds that occurred while Mulcahy and Parsons held lesser executive posts at their respective companies ... the Illinois congressman who was a director at Freddie Mac in 2000 and 2001 while it was committing accounting fraud. (Bloomberg -- Columnists)

    Gibson Dunn Adds Partner From Heller Ehrman  Nov 4, 2008
    He said Monday he joined Gibson Dunn due to his earlier experience cooperating with the firm in defending PricewaterhouseCoopers in accounting fraud litigation stemming from the 2001 bankruptcy of school bus company Laidlaw Inc.. Zweifach said he was impressed with the firm and the depth of its litigation team in New York. (Law.com)

    Andersen Will Settle Suit Over WorldCom  Nov 4, 2008
    The agreement, to be unveiled at a hearing in federal court on Tuesday, would end a three-week trial in which shareholders argued that Andersen should have uncovered an $11 billion accounting fraud at WorldCom. The fraud pushed the telecommunications company into the largest bankruptcy filing in U.S. history in 2002 and cost investors billions. (Yahoo News -- WorldCom/MCI)

    6788 pages, 237 exhibits and 10 years later  Nov 4, 2008
    Now, with the conclusion of one of Canada's most high-profile corporate fraud cases looming, Mr. Drabinsky also faces a judge's decision that will determine whether he could become the most prominent executive to be found guilty in Canada of an accounting fraud ... For a technical, accounting fraud trial, the testimony was far from dull. (Globe and Mail)

    Rollover car crash on Pike kills man, 23  Nov 2, 2008
    Judge Paul Barbadoro's order on Friday came in a lawsuit against Kozlowski by Tyco and investors that alleges Tyco executives colluded in a giant accounting fraud scheme to misrepresent the value of Tyco and companies it acquired under Kozlowski's leadership. Tyco formerly was based in New Hampshire. (Boston Globe)

    Court limits ex-Tyco exec Kozlowski property sales  Nov 2, 2008
    The suit alleges Tyco executives colluded in a giant accounting fraud scheme to misrepresent the value of Tyco and companies it acquired under Kozlowski's leadership. The judge said Kozlowski cannot sell homes in Florida and Massachusetts without first notifying the company. (The Star Online, Malaysia)

    Clawbacks Are In Place And Ineffective  Oct 30, 2008
    Clawbacks were originally designed as part of the Sarbanes-Oxley Act in 2002 as a measure to hold chief executives and chief financial officers responsible for accounting fraud. As public scrutiny of executive compensation and the quest to squash corporate malfeasance intensifies, boards have expanded the reach of clawbacks. (Forbes)

    Defense Lawyers See Fee Bonanza From Lehman, Bear Stearns, AIG Collapses  Oct 28, 2008
    Those were accounting frauds, where there are public statements at the same time there are facts or evidence that prove these statements were untrue,'' said , a former president of the National Association of Criminal Defense Lawyers ... Former Cendant Corp. Vice Chairman E. , convicted of accounting fraud, spent $24 million in fees on his failed defenses, U.S. prosecutors said in 2005. (Bloomberg)

    Evil Wall Street Exports Boomed With `Fools' Born to Buy Securitized Debt  Oct 28, 2008
    Skilling, a former McKinsey consultant, was convicted of accounting fraud and is serving a 24-year prison sentence. Mismatched Funding. (Bloomberg)

    HealthSouth wins $100M settlement  Oct 25, 2008
    HealthSouth claimed UBS allowed the accounting fraud perpetrated during the Richard Scrushy-era to continue. The settlement also forgives a previous $33 million judgment in favor of UBS over HealthSouth. (Birmingham Business Journal, AL)

    HealthSouth, UBS settle lawsuit  Oct 24, 2008
    UBS representatives attended several HealthSouth board meetings during the time of the accounting fraud and UBS managed stock and bond offerings for HealthSouth during that period. UBS has denied any knowledge that fraudulent activity was taking place. (AL.com)

    HealthSouth CEO: Timing was right  Oct 23, 2008
    7 billion accounting fraud scandal. The acquisition excesses of the Richard Scrushy administration in the 1990s saddled Healthsouth with crushing debt, Grinney said during a Tuesday presentation sponsored by the. (Birmingham Business Journal, AL)

    Peavy wants full no-trade powers:  Oct 22, 2008
    SAN DIEGO -- Two years ago, San Diego Padres owner John Moores' software company, Peregrine Systems Inc., imploded in a massive accounting fraud, resulting in the convictions of a former chief financial officer and two other executives. Since then, Moores has emerged as a powerful player in the city's 5-year-old downtown construction boom, led most famously by the Padres' new Petco Park. (San Diego Union-Tribune -- Sports)

    City approves tax rebates for Trinity  Oct 22, 2008
    The Digital Hospital project was abandoned in the wake of HealthSouth s accounting fraud scandal that surfaced under former CEO Richard Scrushy. Reader Comments. (Birmingham Business Journal, AL)

    Microsoft's FAST unit probed over accounting  Oct 18, 2008
    Microsoft's recently acquired Fast Search & Transfer was charged on Thursday with accounting fraud by Norwegian officials, Reuters reported Thursday. According to the , police raided Fast's offices in Oslo in order to preserve evidence. (CNET News)

    Feds investigate Washington Mutual failure  Oct 17, 2008
    In January, the FBI announced that it was investigating 14 companies for possible accounting fraud, insider trading or other violations in connection with home loans made to risky borrowers. Agency officials did not identify the companies under investigation but said the probe involved companies across the financial services industry, from mortgage lenders to investment banks that bundle home loans into securities sold to investors. (MSNBC -- Business)

    KPMG Assessed $41 Million for Failing to Divulge Fraud Revealed in Audit  Oct 15, 2008
    Cast Art's lead attorney, , says he introduced evidence of a training course for KPMG's auditors on how to uncover accounting fraud. It was given by one of KPMG's trial lawyers -- Kelly Hnatt of Wilkie, Farr & Gallagher in New York -- in August 2000, a month before the Papel audit reports were issued. (Law.com)

    NJ jury finds KPMG guilty of negligence  Oct 14, 2008
    A judge in New Brunswick threw out accounting fraud charges against KPMG in July, but allowed the negligence portion of the case to proceed. A KPMG spokesman said the firm believes there was no factual basis for the verdict and was confident it would be overturned on appeal. (NJ.com -- News)

    Editorial on meltdown just propaganda  Oct 11, 2008
    Most of the mistakes for which we are paying now, Black told Frank, "were four entities that under conservative economic theory should have exercised effective market discipline: the appraisers, the originators of the mortgages, the rating agencies and the investment banking firm that packaged the subprime mortgage-backed securities. Instead of (disciplining) the markets, these private actors served as the four horsemen of the financial apocalypse, aiding the accounting fraud and inflating the... (The Augusta Chronicle)

    Enron's Skilling May Report to Federal Prison Today  Oct 8, 2008
    More than 5,000 jobs and $1 billion in employee pensions vanished when Enron collapsed five years ago, following revelations of a widespread accounting fraud directed by Skilling and former Enron Chairman. Investors are suing to recover more than $30 billion in losses. (Yahoo News -- Enron)

    LETTERS: NCT, Oct. 3, 2008  Oct 4, 2008
    I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here {discussing accounting fraud at Fannie/Freddie} in the first place. Ofheo Director Armando Falcon Jr.: Congressman, Ofheo did not improperly apply accounting rules; Freddie Mac did. (North County Times)

    Fannie, Freddie Disclose Subpoenas  Oct 3, 2008
    FBI Director Robert Mueller has said the FBI's hunt for culprits in the U.S. mortgage crisis focused on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. Additionally, the FBI is investigating failed bank IndyMac Bancorp Inc. for possible fraud. (San Francisco Chronicle -- Business)

    Meltdown sparks ID crises for sports arenas  Oct 3, 2008
    When Enron Corp. collapsed in a spectacular case of accounting fraud, the Houston Astros were quick to scrub the company's name from the team's ballpark, Enron Field. It was rechristened Minute Maid Park within months. (MSNBC -- Business)

    Tommy Joe Alexander  Oct 3, 2008
    It was left unfinished in the wake of HealthSouth's multibillion-dollar accounting fraud scandal in 2003. HealthSouth retained a 40 percent ownership share of the Digital Hospital after the campus sold to Daniel. (Birmingham Business Journal, AL)

    America has a tough vote on Nov. 4  Oct 3, 2008
    falcon wrote on Sep 30, 2008 7:23 AM:" Leonard wrote, The only thing John McCain is unifying these days is the coalition against his reckless plans and incompetent leadership.Leonard, have you heard the tapes of the democrats suggesting a couple years ago that there were no problems with Fannie Mae and Freedie Mac when the republicans were questioning their bookkeeping? Talk about incompetent! Democrats Barney Frank and Maxine Waters were stating that Fannie and Freddie were just fine just a few... (Lodi News Sentinel, CA)

    Founder of SKorea's Daewoo gets suspended sentence  Sep 25, 2008
    Kim was sentenced to 8 1/2 years in prison for separate embezzlement and accounting fraud charges in 2006 but was pardoned under a presidential amnesty in December. Kim started as a textile salesman in 1967, building an empire that came to stand among the largest conglomerates, or chaebol, in South Korea. (San Diego Union-Tribune -- Business)

    Buffett invests in Goldman Sachs  Sep 24, 2008
    FBI director Robert Mueller has previously said the bureau's hunt for culprits in the nation's subprime mortgage crisis focused on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. Officials said the new inquiries bring to 26 the number of corporate lenders under investigation over the past year. (Boston Globe)

    * The US financial system is headed for a meltdown  Sep 24, 2008
    A key problem with Fannie Mae and Freddie Mac, for instance, was that their regulator failed to do its job of uncovering the massive accounting fraud embedded in their books. That and the implicit guarantee of government backing (which finally turned explicit) allowed these two institutions to expand enormously, including into exotic financial transactions that they had no business being involved in. (Taipei Times, Taiwan -- World)

    What Happened to Market Discipline?  Sep 24, 2008
    Bush and some Congress persons tried to rein in Fannie and Freddie in Bush's 1st term because of the accounting fraud ... The Accounting FRAUD with Fannie/Freddie was so bad it made ENRON look like a 1st grader's math word problem; to the tune of close to a Trillion Dollars. (Townhall.com)

    WorldCom whistle-blower shares lessons at UNI event  Sep 24, 2008
    Don't have an account. (older than 14 days). (Waterloo-Cedar Falls Courier)

    Report: FBI probes firms at heart of meltdown  Sep 24, 2008
    FBI has said its hunt for culprits in the nation's subprime mortgage crisis focused on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. The investigations revealed Tuesday come as lawmakers began considering whether to approve emergency legislation that would give the government broad power to buy up devalued assets from troubled financial firms. (San Jose Business Journal, CA)

    J.P. Morgan Settles WorldCom Suit for $2 Billion  Sep 24, 2008
    Plaintiffs in the class-action case, lead by New York State Comptroller Alan G. Hevesi, claim J.P. Morgan and other WorldCom advisers and directors should have discovered the company's $11 billion accounting fraud and disclosed it to investors. Post 200 Profile. (Yahoo News -- WorldCom/MCI)

    Fannie, Freddie Subprime Buying Spree May Add $100 Billion to Bailout Tab  Sep 23, 2008
    which collapsed into bankruptcy after being overwhelmed by customer defaults and an accounting fraud, and Ameriquest, once the biggest home-loan provider to consumers with poor credit, produced securities backed by loans small enough for Fannie and Freddie to buy. Fannie and Freddie's government charter restricted them from buying loans of more than $417,500. (Bloomberg)

    Villain hat put on short sellers  Sep 21, 2008
    After the collapse of Enron Corp. in 2002, Wall Street "short sellers" were hailed as heroes for helping to expose the company's massive accounting fraud. Six years later, the shorts -- traders who borrow stock and sell it, expecting to profit from falling prices -- are the reviled black hats of global markets. (Fresno Bee -- Business)

    LETTERS: NCT, Sept. 20, 2008  Sep 21, 2008
    "Subprime loans were more prevalent among blacks in 98.5% of the metropolitan areas, while Hispanics were more apt to hold a subprime mortgage or refinance loan in nearly 89.1%, according to the National Community Reinvestment Coalition (NCRC), a non-profit focused on lending and community- development issues. Ms M wrote on Sep 20, 2008 12:44 PM:Geez folks, Palin did NOT ban any books - she just fired the librian. After public outcry, her dismissal was reversed. Focal Point wrote on Sep 20, 2008... (North County Times)

    Sue Them, Jail Them, Make Them Pay for Meltdown  Sep 20, 2008
    The problem is that it normally takes something akin to criminal conduct, such as options backdating or accounting fraud, for civil suits to take money out of the hands of the accused. And, as previously noted, it isn't clear we will have that here. (Bloomberg -- Columnists)

    Williams & Connolly on Fast Track for Sen. Stevens Case  Sep 17, 2008
    3 billion in restitution -- the culmination of the largest accounting fraud of the 1990s. It was the first time since the 1970s that one of Sullivan's clients saw jail time. (Law.com)

    Guatemala's Avicola Villalobos Gets Favorable Ruling From Bermuda Court in Reinsurance Company Matter  Sep 17, 2008
    Lisa, S.A. has based its entire harassment campaign on a surreptitiously taped meeting where the alleged accounting fraud was supposedly "admitted"; however, Lisa's principal witness, Juan Guillermo Gutierrez, confessed during these proceedings there was nothing on these tapes that could be construed as an admission of fraudulent activity against Lisa, S.A. on the part of Avicola Villalobos or anyone else. On June 25, in the same Bermuda court, Juan Guillermo Gutierrez acknowledged that Avicola... (PR Newswire)

    Lehman Failure Tests Limits Of U.S. Bailouts  Sep 16, 2008
    They engaged in accounting fraud to hide their balance sheets' bad loans. They put Washington's politicians in their pockets. (Investors Business Daily)

    Lawyers for Enron Investors to Get $688 Million in Fees  Sep 10, 2008
    Houston-based Enron collapsed in a maze of debt and accounting fraud in 2001, costing employees, retirees and investors billions in losses in pensions and investments. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Kim Coghill). (ABC News -- Wire)

    Billions to Be Shared by Enron Shareholders  Sep 10, 2008
    The distribution plan was part of a $40 billion lawsuit filed by shareholders and investors, who claim Bank of America, JPMorgan Chase Citigroup and others participated in the accounting fraud that led to Enron's downfall. Calculating shares of the $7. (ABC News -- Wire)

    Judge rules Enron shareholders can share in $7.2B settlement  Sep 10, 2008
    The money was recovered as part of a $40 billion lawsuit claiming financial institutions participated in the accounting fraud that led to the Houston-based energy company s collapse. U.S. District Judge Melinda Harmon also approved $688 million in attorneys fees, the largest ever in a securities fraud case, according to the Associated Press. (Houston Business Journal, TX)

    Enron Shareholders To Split $7.2 Billion  Sep 10, 2008
    The plan was part of a $40 billion lawsuit claiming financial institutions participated in the accounting fraud that led to Enron's downfall. The $7. (Click2Houston, TX)

    2nd Circuit Upholds End of Cases Against Former KPMG Employees  Aug 29, 2008
    Arthur Andersen, KPMG's onetime rival, collapsed in the face of government charges that it participated in accounting fraud at Enron Corp. and companies' fears of a similar fate have given prosecutors enormous leverage in negotiating nonprosecution agreements. KPMG signed such a deal in August 2005, agreeing to pay $456 million in fines and restitution to former tax shelter clients. (Law.com)

    V. Orville Wright; MCI Chief Instrumental in Breakup of AT& T  Aug 24, 2008
    Ebbers later received a 25-year prison term for accounting fraud leading to the company's collapse. A much-reduced version of MCI emerged from bankruptcy in 2004 and the next year was purchased by Verizon for $6. (Washington Post -- Technology)

    Lee's pardons sendmixed message  Aug 13, 2008
    Most of the other convicted businessmen to be pardoned are already out on bail after receiving suspended jail terms on convictions including bribery and accounting fraud. Shares of SK Energy, Hyundai Motor and Hanwha Corp closed little changed on Tuesday as the benchmark Kospi Index declined 0. (Asia Times Online)

    President pardons Hyundai's boss  Aug 12, 2008
    SK boss Chey Tae-won, who had been convicted of accounting fraud, and Kim Seung-youn of Hanwha Group, found guilty of assault, were also pardoned. All three businessmen had received suspended prison terms and are still active in their companies. (BBC News)

    Livedoor Founder Horie, Others Face Damages Suit  Aug 11, 2008
    LDH, renamed from Livedoor Holdings Co. at the beginning of this month, argues that the group incurred losses due to a securities and accounting fraud carried out by the seven. Specifically, the fraud forced the group to cancel its data service business plan, costing it some 1. (JCN Network, Japan)

    Sessions: Military hospital unlikely  Aug 11, 2008
    HealthSouth spent $200 million erecting the Digital Hospital, but it was left unfinished in the wake of the company's accounting fraud scandal. HealthSouth Corp. sold its headquarters to for $43. (Birmingham Business Journal, AL)

    Andersen Will Settle Suit Over WorldCom  Aug 4, 2008
    The agreement, to be unveiled at a hearing in federal court on Tuesday, would end a three-week trial in which shareholders argued that Andersen should have uncovered an $11 billion accounting fraud at WorldCom. The fraud pushed the telecommunications company into the largest bankruptcy filing in U.S. history in 2002 and cost investors billions. (Yahoo News -- WorldCom/MCI)

    U.S. Marshals Sell Off Hedge-Fund Portfolios as Corporate Crime Escalates  Jul 31, 2008
    Last year, he liquidated $400 million of stock as part of a settlement in the Corp. accounting fraud case. The stock and $200 million in cash were turned over to the government from Adelphia's sale and will be returned to investors bilked by company founder and his son, Timothy. (Bloomberg)

    Ex-Enron Exec. Settles for $31.5 Million  Jul 31, 2008
    The massive accounting fraud at Enron, once the nation's seventh-largest company, and its collapse into bankruptcy in December 2001 made it emblematic of corporate corruption. In its suit, the SEC said that between May 18 and June 7, 2001, Pai sold 338,897 shares of Enron stock and exercised Enron stock options that put another 572,818 shares on the open market. (ABC News)

    * World Business Quick Take  Jul 26, 2008
    The Tokyo District Court in March last year found Horie guilty of initiating the accounting fraud, which also involved other Livedoor executives. AUTOMOBILES. (Taipei Times, Taiwan -- World)

    McAfee Sues WilmerHale Over $12 Million in Legal Fees  Jul 22, 2008
    Goyal was charged with accounting fraud and. In its latest motion to dismiss, filed Thursday, WilmerHale noted that the case required the production and review of 1. (Law.com)

    Labaton's Newest Bid to Lead Major Securities Fraud Action Rejected  Jul 22, 2008
    The lead plaintiffs in AIG I, three Ohio public-employee retirement funds represented by Labaton Sucharow, claimed New York-based insurance giant AIG engaged in bid-rigging and accounting fraud from Oct. 28, 1999, through April 1, 2005. Last month, lawyers from Labaton Sucharow filed a motion for leave to amend the AIG I complaint, proposing to add claims based on AIG's alleged writedowns this year "of more than $20 billion stemming from losses in its portfolio of credit default swaps" written... (Law.com)

    Livent accountants evaded controls: Drabinsky lawyer  Jul 18, 2008
    Mr. Roebuck questioned why Mr. Malcolm would deserve such benefits, noting his full-time job had been to follow Mr. Eckstein's orders to conduct an accounting fraud at the company. He also noted Mr. Malcolm had given a deposition in a civil case where he denied ever having sought a raise, promotion or any other reward for his work conducting the fraud. (Globe and Mail -- Business)

    FBI probes IndyMac Bancorp  Jul 18, 2008
    FBI Director Robert Mueller has said the investigations focus on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. Losses to homeowners and other borrowers are estimated at over 1 billion. (Ontario Argus Observer, OR)

    FBI probing failed IndyMac bank: report  Jul 17, 2008
    In cases involving other banks, the FBI is "focusing on accounting fraud, the documentation of mortgage-backed securities and insider trading," the paper wrote. The FBI said in a statement the number of banks under investigation came to 21. (Yahoo News -- Top Stories)

    Ad firms helped hide Livent fraud, trial told  Jul 16, 2008
    TORONTO Two outside advertising agencies working for Livent Inc. helped the theatre company hide an accounting fraud from its auditors by changing their invoices to move expenses from one year to another, a Toronto trial heard Tuesday. In testimony at the fraud trial of Livent co-founders Garth Drabinsky and Myron Gottlieb, former controller Grant Malcolm explained how the scope of the accounting fraud at Livent spread to encompass Echo Advertising of Toronto and LeDonne Wilner & Weiner Inc. of... (Globe and Mail -- Business)

    Former Refco CEO sentenced to 16 years in prison  Jul 4, 2008
    Former WorldCom CEO Bernard Ebbers is serving a 25-year prison term for orchestrating a massive accounting fraud. Last week, a judge shaved some time off the sentences of Adelphia founder John Rigas and his son, Timothy, after an appeals court threw out one count of their convictions. (San Diego Union-Tribune -- Business)

    * Probe unearths hidden assets of Daewoo founder  Jul 3, 2008
    Prosecutors have tried to track Kims hidden assets since he was convicted in 2005 of embezzlement and accounting fraud after returning from six years of exile overseas ... Kim was found guilty of masterminding an accounting fraud involving 20 trillion won and obtaining 9. (Taipei Times, Taiwan -- World)

    Midyear, a look back in anguish  Jul 1, 2008
    responsible for accounting fraud at Livent because he was often asleep during company meetings. Legal experts applaud the nap defence as a much better strategy than Mr. Gottlieb's earlier tack, billed the too clueless even to understand Microsoft Excel defence. (Globe and Mail -- Business)

    Free flow act key to keeping journalism strong - Monday, June 30, 2008  Jun 30, 2008
    But it would prevent federal prosecutors from jailing journalists merely for reporting stories that bring unflattering or embarrassing situations to light situations like the conditions at Walter Reed Medical Center, like the accounting fraud at Enron, like the infamous Watergate scandal that led to the resignation of President Nixon. All of these stories and more depended on confidential sources to launch an investigation by news reporters. (Missoulian, MT)

    HealthSouth finalizes stock sale  Jun 30, 2008
    5 billion following its 2003 accounting fraud scandal to $2 billion in the fourth quarter of 2007. Reader Comments. (Birmingham Business Journal)

    Oil is wild card in predicting stocks rebound  Jun 28, 2008
    Wall Street's low point in 2002 was attributed to a host of problems such as the accounting fraud at corporate names like Enron, Adelphia Communications and WorldCom. Global tensions after the Sept. 11, 2001, terror attacks also hung over the market. (MSNBC -- Business)

    Enron's Skilling May Report to Federal Prison Today  Jun 28, 2008
    More than 5,000 jobs and $1 billion in employee pensions vanished when Enron collapsed five years ago, following revelations of a widespread accounting fraud directed by Skilling and former Enron Chairman. Investors are suing to recover more than $30 billion in losses. (Yahoo News -- Enron)

    Livent trial: Ex-CFO denies charges  Jun 28, 2008
    TORONTO Livent Inc.'s former chief financial officer yesterday denied suggestions she conspired with another former Livent employee to create a phony cover story to hide their involvement in an accounting fraud at the company. Defence lawyer Edward Greenspan, who represents Garth Drabinsky, co-founder of Livent, outlined the theory while cross-examining Maria Messina yesterday, adding a new twist to his suggestions that other Livent employees conducted the accounting fraud without Mr.... (Globe and Mail -- Business)

    J.P. Morgan Settles WorldCom Suit for $2 Billion  Jun 28, 2008
    Plaintiffs in the class-action case, lead by New York State Comptroller Alan G. Hevesi, claim J.P. Morgan and other WorldCom advisers and directors should have discovered the company's $11 billion accounting fraud and disclosed it to investors. Post 200 Profile. (Yahoo News -- WorldCom/MCI)

    Livent ex-CFO grilled  Jun 26, 2008
    Edward Greenspan, who is representing Mr. Drabinsky at his fraud trial in Toronto, has spent four days cross-examining former Livent chief financial officer Maria Messina, repeatedly accusing her of lying in her testimony about her role at the company after she learned about a long-running accounting fraud in the 1990s. On Wednesday, Mr. Greenspan interrupted his own questioning to ask Ms. Messina why she never gives a straight answer to his questions. (Globe and Mail -- Business)

    Livent ex-CFO's position called ‘preposterous'  Jun 25, 2008
    Both men have pleaded not guilty and have suggested others conducted the accounting fraud without their knowledge ... He had no idea there was a massive accounting fraud and he would not have known, she testified. (Globe and Mail -- Business)

    Former Livent CFO spun fraud story, defence suggests  Jun 24, 2008
    TORONTO Former Livent Inc. chief financial officer Maria Messina managed to spin a story about an alleged accounting fraud at the company to convince senior executives to keep her employed even after the improprieties were uncovered, lawyer Edward Greenspan charged Monday. Mr. Greenspan, who is representing Livent co-founder Garth Drabinsky at his fraud trial in Toronto, suggested while cross-examining Ms. Messina that she misled new owners who took control of Livent in 1998 about what really... (Globe and Mail)

    FBI Mortgage-Fraud Probe Is Looking at Big Firms  Jun 22, 2008
    Mr. Mueller said there are 1,400 investigations under way, involving everything from accounting fraud to insider trading. "We will investigate, we will prosecute and we will bring those individuals to justice," seeking prison terms where appropriate, Mr. Mueller said. (Yahoo News -- Real Estate)

    2 former Bear Stearns execs indicted, arrested  Jun 21, 2008
    The probes are looking into accounting fraud, insider trading and concealment information about the values of mortgage securities, he said. Based on the Bear Stearns example, the government "appears to be looking at liability at the individual level rather than the institutional level," Bunzel said. (San Francisco Chronicle)

    Hundreds Swept Up In Mortgage Fraud Arrests  Jun 21, 2008
    Officials declined to say who might be the next corporate target, but Mueller said the investigations focus on accounting fraud, insider trading, and failure to disclose the value of mortgage-related securities and other investments. Under review for potential fraud are: investment banks, hedge funds, credit rating agencies, brokerage houses and due diligence firms - which evaluate loans packaged into investments. (Forbes -- Business)

    Archives: Accounting Fraud

    Back to Accounting News

[ Terms Of Use | Privacy | About ]
©1998-2008 SurfWax, Inc.
All rights reserved. Patents pending.



Copyright SurfWax, Inc. 2008