Mar 27, 2012 | Accounting Frauds
XM Satellite Radio lost $900,000 of company funds in a case of embezzlement by a former employee. Valencia Person an employee of XM Radio colluded with Brenda Jones another XM Radio employee to defraud the company. The two diverted a couple of dozen payments that were...Mar 28, 2011 | Accounting Frauds
Weatherford International Ltd, a Geneva based oilfield services and equipment company, announced that it will be restating its results back to 2007 and delay the 2010 annual report. The delay the company said is due to tax accounting errors stemming from failure of...Feb 17, 2011 | Accounting Frauds
I recently read an article about the exchange of emails between executives at Lehman Brothers regarding the Repo 105 practice the company was engaged in. Below are some of the comments of the executives- Martin Kelly, Lehman’s global financial controller, stated that...Feb 3, 2011 | Accounting Frauds
In a recent verdict of a nine year legal battle between BDO Seidman and the estate of George Batchelor and the Batchelor Foundation, the jury ordered BDO to pay $91.7 million in damages for fraud and negligence over the firm’s auditing of Grand Court Lifestyles...Feb 2, 2011 | Accounting Frauds
CIT Group Inc, a lending institution, restated its financial statements for the first three quarters of 2010 due to accounting error that the company’s management found. The errors were mainly related to the use of “Fresh State Accounting”, a form of accounting used...Jan 31, 2011 | Accounting Frauds
Healthcare Locum, a firm specilizing in suppling healthcare staff and social workers to public and private-sector clients, announced the suspension of executive vice-chairman and founder Kate Bleasdale and chief financial officer Diane Jarvis, amidst discoveries of...