In February 2003, the Amsterdam based supermarket operator, Ahold announced that it had inflated earnings by atleast €391M ($500M) at its wholly owned US food service subsidiary. Apart from that the company also improperly consolidated revenues from joint ventures. The total effect of the fraud was  €1bn in false profit statements. The fraud was carried out both in US and Europe.
The company’s auditor’s, Deloitte claimed that they were not able to catch the fraud because they were given false paperwork!
In May 2006, three years after the fraud came to light, three ex-Ahold bosses received suspended sentences and €670,000 worth of fines from a Dutch court in May 2006. The executives were found guilty of large scale accounting fraud from 1998-2003.
An interesting statement by the Judge in the trial summarizes the sentiments of all effected by frauds all over the world. Judge Frans Bauduin said the three prosecuted men “have damaged the good reputation of Dutch companies in general and Ahold in particular” and “betrayed the confidence that shareholders…placed in them“. It is so true of any fraud that happens anywhere in the world.