Sep 15, 2016 | Accounting Frauds
This week marked the start of the trial of AIG’s CEO Hank Greenberg for his involvement in the accounting scandal that happened in the 2000s at the company. The case has been pushed out for so long as Greenberg’s attorneys appealed a total of nine pre-trial motions,...Sep 9, 2016 | Accounting Frauds
Former finance head of American Realty Capital Partners, now known as Vereit, charged with committing accounting fraud. Brian Block, CFO of the real estate investment company used an inflated metric that didn’t comply with GAAP. The metric in question is adjusted...Nov 27, 2012 | Accounting Frauds
The recent accusation of HP against Autonomy, the British software company that HP bought for $11B, raises fingers in all directions. Who is it at fault- Autonomy management, the management of HP, the auditors, or the differences in the accounting standards? Let’s...Nov 2, 2012 | Accounting Frauds
Another case of embezzlement in a small company. Accounting manager of Schmitt, Inc an air conditioning and electric company in Dade City, Florida, was charged with embezzling half a million dollars from the company. Michael Cougill, the manager, forged and cashed...Oct 10, 2012 | Accounting Frauds
Recently Facebook was accused of indulging in creative accounting to save taxes in the UK. The company actually paid a mere £196K in taxes to the British government last year on reported revenue of £20.4m. The analyst expectation for the period was a revenue of...