1. Polly Peck 1990
Agarrar Nadir prominent CEO. Constantly claimed innocence. Fled country. Came back to clear his name and in 2012 was sentenced to 10 years. He previously moved company cash into his personal savings account. Some of this was used to acquire Polly Peck shares to keep the price up. In 2002 the accounting disciplinary human body, the Joint Disciplinary Tribunal, fined Stoy Hayward £75, 000 for its role since group auditor to Polly Peck. Erdal & Company, the north Cypriot accounting firm was also fined for its review of the north Cypriot subsidiaries of Polly Peck in 1988 and 1999. 2 . Enron 2001
Large fraud. LUKE WEIL helped to setup off "balance sheet" schemes. Reduction making functions not consolidated. Arthur Anderson implicated and broken up. several. Parmalat 2002
Italian firm. Understated the debts. Forged certificates by banks that claimed Parmalat held funds assets. In September 2009, three law suits by Parmalat Capital Fund Ltd. and Enrico Bondi, CEO of Parmalat, against Bank of America and auditors Give Thornton had been dismissed. Auditors not supposed to spot forgeries? 4. Lehman Bros 2008
This lender went bust during the financial disaster. They were incredibly risky and tried to conceal risky assets to appear significantly less risky. Primary way was by using repro 105 ventures – awful assets ‘sold' and repurchased the day after the year-end. Financial institution showed sales and money rather than financial loan and funds. Lehman would transactions in London and got Greater london lawyers to state the ventures were revenue. Apparently US lawyers could have not said they were product sales. UK accountancy firm would have applied ‘substance more than form' to ignore the lawyers' view. US accounting rules are seen as ‘form more than substance' – US auditors followed legal services. E& Sumado a not receive claims from US government bodies but you can still find some outstanding claims: five. Autonomy 2011
HP purchased this company and 2012 stated Autonomy's accounts were not ‘true and fair' because they'd inflated earnings. Financial Confirming Council (FRC) said to be looking into the...