WebDec 10, 2024 · Freddie Mac and Fannie Mae. In 2003, Freddie Mac, a mortgage finance giant backed by the Federal Reserve, misstated $5 billion in earnings in an accounting fraud case by understating and misstating … WebDec 10, 2024 · 9. WorldCom: An $11 Billion Fraud. WorldCom was one of the largest telecommunications companies in the world before it imploded in an accounting scandal that dwarfed those of Enron and Tyco. The …
What Is Accounting Fraud? Definition and Examples
WebEnron, Cendant, and WorldCom are examples of massive companies torn apart by financial fraud and scandal. Other cases include fraudsters trying to sell the Eiffel Tower and the Brooklyn Bridge. WebAfter a series of fraud allegations and investigations into its accounting practices over the course of 2024, Wirecard confessed to the disappearance of more than $2 billion from its assets. Shortly before the explosive … names of all three credit bureaus
Ethical Dilemmas: How Scandals Damage Companies
Top 10 Accounting Scandals in the Past Decades Waste Management Scandal (1998) Waste Management Inc. is a publicly-traded US waste management company. In 1998, the company’s new CEO, A Maurice Meyers, and his management team discovered that the company had reported over $1.7 billion in … See more Waste Management Inc. is a publicly-traded US waste management company. In 1998, the company’s new CEO, A Maurice Meyers, and his management team discovered that … See more WorldCom was an American telecommunications company based out of Ashburn, Virginia. In 2002, just a year after the Enron scandal, it was discovered that WorldCom had inflated its assets by almost $11 billion, … See more Enron Corporation was a US energy, commodities, and services company based out of Houston, Texas. In one of the most controversial accounting scandals in the past decade, it … See more Tyco International was an American blue-chip security systems company based out of Princeton, New Jersey. In 2002, it was discovered that CEO, Dennis Kozlowski, and CFO, Mark … See more WebFeb 1, 2024 · February 1, 2024 - Hertz Global Holdings Inc. and its wholly-owned subsidiary The Hertz Corp. agreed to pay $16 million to settle fraud and other charges brought by … WebFeb 1, 2024 · Table of Contents: #1. Wirecard #2. Luckin Coffee #3. Wells Fargo #4. Tesla #5. Nikola #6. Zoom #7. Beam Financial #8. Marble Ridge Capital LP #9. West … names of all the stones