Oct 4, 2014 | Accounting Frauds
Newly appointed CEO Dave Lewis started his tenure at Tesco by suspending four executives after discovering some serious accounting irregularities. The company came to know of the issue when an informed employee went to the company’s general counsel to report the...Aug 28, 2012 | Accounting Frauds
The audit committee of Diamond Foods Inc, the maker of Emerald nuts and Pop Secret found in February 2012, that the company will have to restate its 2010 and 2011 financial statements due to improper accounting for the payments to walnut growers. The payment to walnut...Aug 12, 2012 | Accounting Frauds
In February 2012, Saitama District Court in Japan, sentenced both the president and executive director of FOI Corp, the machinery maker to three years in prison. The sentencing was due to the involvement of the officers in falsifying the financial statements of the...Jan 31, 2011 | Accounting Frauds
Just a few days before the Lunar Holiday period begins, the chairman Lin Wei-shan of Tatung Company, one of Taiwan’s leading home appliance makers, was questioned by prosecutors and investigators for the alleged embezzlement of NT$1 billion (USD 35 M) in...Jan 6, 2011 | Accounting Frauds
A civil complaint was filed recently by Andrew Cuomo, the outgoing New York attorney general, accusing Ernst & Young of helping Lehman Brothers mislead investors. The state claims Lehman’s auditors aided in a fraud, using Repo 105 transactions to make the books...