[ { "id": "case-2002-worldcom", "slug": "2002-worldcom", "title": "WorldCom: $11B Operating Expense Capitalization Fraud", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "1999-01-01", "fraud_period_end": "2002-06-30", "first_action_date": "2002-06-26", "overstatement_usd": 11000000000.0, "total_penalties_usd": 750000000.0, "max_prison_months": 300, "primary_scheme": "capitalising-operating-expenses", "issuer_name": "WorldCom, Inc.", "auditor_name": "Arthur Andersen LLP", "summary": "WorldCom falsely classified over $3.8 billion in routine line costs as long-term capital expenditures and improperly released reserve cushions, transforming massive operational losses into billions in fraudulent pre-tax earnings." }, { "id": "case-2001-enron", "slug": "2001-enron", "title": "Enron Corp.: Off-Balance-Sheet SPEs and Mark-to-Model Fabrication", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "1997-01-01", "fraud_period_end": "2001-11-30", "first_action_date": "2001-10-31", "overstatement_usd": 1200000000.0, "total_penalties_usd": 23800000.0, "max_prison_months": 288, "primary_scheme": "off-balance-sheet-entities", "issuer_name": "Enron Corp.", "auditor_name": "Arthur Andersen LLP", "summary": "Enron used hundreds of unconsolidated special purpose entities (SPEs) funded with Enron stock to hide debt, scrub merchant investment losses, and book billions in mark-to-model paper gains." }, { "id": "case-2020-wirecard", "slug": "2020-wirecard", "title": "Wirecard AG: 1.9 Billion Euro Fictitious Cash Fraud", "jurisdiction": "DE", "status": "adjudicated", "admit_deny": "contested", "fraud_period_start": "2015-01-01", "fraud_period_end": "2020-06-18", "first_action_date": "2020-06-22", "overstatement_usd": 2130000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "fictitious-cash-and-assets", "issuer_name": "Wirecard AG", "auditor_name": "Ernst & Young LLP", "summary": "German DAX-30 payments firm Wirecard fabricated one quarter of its consolidated balance sheet (1.9 billion euros), falsely claiming the cash was held in trustee escrow accounts in the Philippines." }, { "id": "case-2008-satyam", "slug": "2008-satyam", "title": "Satyam Computer Services: $1B Fabricated Cash and Ghost Employees", "jurisdiction": "IN", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2003-01-01", "fraud_period_end": "2008-12-31", "first_action_date": "2009-01-09", "overstatement_usd": 1040000000.0, "total_penalties_usd": 290000000.0, "max_prison_months": 84, "primary_scheme": "fictitious-revenue", "issuer_name": "Satyam Computer Services Ltd.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Satyam Chairman B. Ramalinga Raju confessed that 94% of the company's reported cash balance (over $1 billion) was entirely fictitious, inflated by 7,561 fake invoices and non-existent interest income." }, { "id": "case-2018-carillion", "slug": "2018-carillion", "title": "Carillion plc: Aggressive Contract Revenue and Going-Concern Concealment", "jurisdiction": "GB", "status": "adjudicated", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2014-01-01", "fraud_period_end": "2017-07-10", "first_action_date": "2018-01-29", "overstatement_usd": 1350000000.0, "total_penalties_usd": 27000000.0, "max_prison_months": 0, "primary_scheme": "premature-recognition", "issuer_name": "Carillion plc", "auditor_name": "KPMG LLP", "summary": "UK government contractor Carillion concealed catastrophic construction project losses, booking expected future claims as current revenue while masking £1.5B in debt using supply chain financing." }, { "id": "case-2020-luckin-coffee", "slug": "2020-luckin-coffee", "title": "Luckin Coffee: $300M Fabricated App Sales and Circular Cash Scheme", "jurisdiction": "CN", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2020-01-01", "fraud_period_end": "2022-12-31", "first_action_date": "2022-09-20", "overstatement_usd": 311000000.0, "total_penalties_usd": 180000000.0, "max_prison_months": 0, "primary_scheme": "fictitious-revenue", "issuer_name": "Luckin Coffee Inc.", "auditor_name": "Ernst & Young LLP", "summary": "Fabricated store coffee orders through fake corporate customer vouchers and circular mobile app payments." }, { "id": "case-2003-parmalat", "slug": "2003-parmalat", "title": "Parmalat: $4.9B Forged Bank of America Deposit Certificate", "jurisdiction": "IT", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2003-01-01", "fraud_period_end": "2005-12-31", "first_action_date": "2005-09-20", "overstatement_usd": 4900000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "fictitious-cash-and-assets", "issuer_name": "Parmalat Finanziaria S.p.A.", "auditor_name": "Grant Thornton LLP", "summary": "Forged letters on Bank of America stationery confirming €3.95B in nonexistent offshore Cayman escrow accounts." }, { "id": "case-2015-toshiba", "slug": "2015-toshiba", "title": "Toshiba Corporation: $1.9B 'Challenge' Pressure Profit Inflation", "jurisdiction": "JP", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2015-01-01", "fraud_period_end": "2017-12-31", "first_action_date": "2017-09-20", "overstatement_usd": 1900000000.0, "total_penalties_usd": 62000000.0, "max_prison_months": 0, "primary_scheme": "premature-recognition", "issuer_name": "Toshiba Corporation", "auditor_name": "Ernst & Young ShinNihon LLC", "summary": "CEOs mandated impossible profit targets ('Challenges'), pushing divisions into postponing losses and underestimating construction costs." }, { "id": "case-2011-sino-forest", "slug": "2011-sino-forest", "title": "Sino-Forest Corporation: Fictitious Timberland Holdings and Valuation Fraud", "jurisdiction": "CA", "status": "adjudicated", "admit_deny": "contested", "fraud_period_start": "2011-01-01", "fraud_period_end": "2013-12-31", "first_action_date": "2013-09-20", "overstatement_usd": 3000000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "reverse-merger-fraud", "issuer_name": "Sino-Forest Corporation", "auditor_name": "Ernst & Young LLP", "summary": "Short seller Muddy Waters revealed company did not own the millions of hectares of Chinese forestry assets claimed." }, { "id": "case-2023-americanas", "slug": "2023-americanas", "title": "Americanas S.A.: R$20B Off-Balance-Sheet Supplier Risk Financing", "jurisdiction": "BR", "status": "alleged", "admit_deny": "contested", "fraud_period_start": "2023-01-01", "fraud_period_end": "2025-12-31", "first_action_date": "2025-09-20", "overstatement_usd": 4100000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "undisclosed-related-party-transactions", "issuer_name": "Americanas S.A.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Concealed 20 billion reais in 'risco sacado' (drawn risk) bank debt used to pay suppliers." }, { "id": "case-2019-patisserie-valerie", "slug": "2019-patisserie-valerie", "title": "Patisserie Valerie: £94M Forged Invoices and Secret Overdrafts", "jurisdiction": "GB", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2019-01-01", "fraud_period_end": "2021-12-31", "first_action_date": "2021-09-20", "overstatement_usd": 120000000.0, "total_penalties_usd": 3100000.0, "max_prison_months": 0, "primary_scheme": "fictitious-revenue", "issuer_name": "Patisserie Holdings plc", "auditor_name": "Grant Thornton LLP", "summary": "Financial controller forged thousands of supplier invoices and opened secret £10M bank overdrafts hidden from board." }, { "id": "case-2004-computer-associates", "slug": "2004-computer-associates", "title": "Computer Associates: $2.2B '35-Day Month' Revenue Backdating", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2004-01-01", "fraud_period_end": "2006-12-31", "first_action_date": "2006-09-20", "overstatement_usd": 2200000000.0, "total_penalties_usd": 225000000.0, "max_prison_months": 0, "primary_scheme": "premature-recognition", "issuer_name": "Computer Associates International, Inc.", "auditor_name": "KPMG LLP", "summary": "Routinely kept corporate accounting books open past quarter ends to backdate hundreds of millions in software license sales." }, { "id": "case-2004-nortel-networks", "slug": "2004-nortel-networks", "title": "Nortel Networks: Cookie-Jar Reserve Manipulation for Executive Bonuses", "jurisdiction": "CA", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2004-01-01", "fraud_period_end": "2006-12-31", "first_action_date": "2006-09-20", "overstatement_usd": 3200000000.0, "total_penalties_usd": 35000000.0, "max_prison_months": 0, "primary_scheme": "cookie-jar-reserves", "issuer_name": "Nortel Networks Corporation", "auditor_name": "Deloitte & Touche LLP", "summary": "Manufactured redundant accruals in profitable periods, then bled $900M into earnings to trigger return-to-profitability bonuses." }, { "id": "case-2002-tyco-international", "slug": "2002-tyco-international", "title": "Tyco International: $600M Executive Looting and Reserve Accounting", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2002-01-01", "fraud_period_end": "2004-12-31", "first_action_date": "2004-09-20", "overstatement_usd": 600000000.0, "total_penalties_usd": 50000000.0, "max_prison_months": 0, "primary_scheme": "undisclosed-related-party-transactions", "issuer_name": "Tyco International Ltd.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "CEO Dennis Kozlowski and CFO took hundreds of millions in undisclosed unauthorized bonuses and loan forgiveness." }, { "id": "case-2002-adelphia", "slug": "2002-adelphia", "title": "Adelphia Communications: $2.3B Off-Balance-Sheet Family Co-Borrowing", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2002-01-01", "fraud_period_end": "2004-12-31", "first_action_date": "2004-09-20", "overstatement_usd": 2300000000.0, "total_penalties_usd": 715000000.0, "max_prison_months": 0, "primary_scheme": "off-balance-sheet-entities", "issuer_name": "Adelphia Communications Corp.", "auditor_name": "Deloitte & Touche LLP", "summary": "Concealed $2.3B in bank loans guaranteed for the founder's family entities to buy company stock and personal timberlands." }, { "id": "case-2008-lehman-brothers", "slug": "2008-lehman-brothers", "title": "Lehman Brothers: $50B Repo 105 Balance Sheet De-leveraging", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2008-01-01", "fraud_period_end": "2010-12-31", "first_action_date": "2010-09-20", "overstatement_usd": 50000000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "debt-classification-and-covenant-concealment", "issuer_name": "Lehman Brothers Holdings Inc.", "auditor_name": "Ernst & Young LLP", "summary": "Treated overnight repurchase borrowings as outright asset sales under UK legal opinions to temporarily erase $50B debt at quarter close." }, { "id": "case-2004-bristol-myers-squibb", "slug": "2004-bristol-myers-squibb", "title": "Bristol-Myers Squibb: $2B Channel Stuffing with Wholesaler Incentives", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2004-01-01", "fraud_period_end": "2006-12-31", "first_action_date": "2006-09-20", "overstatement_usd": 2000000000.0, "total_penalties_usd": 150000000.0, "max_prison_months": 0, "primary_scheme": "channel-stuffing", "issuer_name": "Bristol-Myers Squibb Company", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Offered wholesalers millions in inventory storage fees and price guarantees to ship excess pharmaceuticals ahead of demand." }, { "id": "case-1998-waste-management", "slug": "1998-waste-management", "title": "Waste Management: $3.5B Depreciation Useful Life Extension Scheme", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "1998-01-01", "fraud_period_end": "2000-12-31", "first_action_date": "2000-09-20", "overstatement_usd": 3500000000.0, "total_penalties_usd": 457000000.0, "max_prison_months": 0, "primary_scheme": "depreciation-and-useful-life", "issuer_name": "Waste Management, Inc.", "auditor_name": "Arthur Andersen LLP", "summary": "Arbitrarily extended garbage truck useful lives from 8 to 12 years and assigned inflated scrap values to reduce depreciation costs." }, { "id": "case-1998-sunbeam", "slug": "1998-sunbeam", "title": "Sunbeam Corporation: 'Chainsaw Al' Dunlap's Big Bath and Bill-and-Hold", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "1998-01-01", "fraud_period_end": "2000-12-31", "first_action_date": "2000-09-20", "overstatement_usd": 60000000.0, "total_penalties_usd": 500000.0, "max_prison_months": 0, "primary_scheme": "big-bath", "issuer_name": "Sunbeam Corporation", "auditor_name": "Arthur Andersen LLP", "summary": "Packaged massive artificial restructuring charges, stuffed retail channels with gas grills in winter, and booked fake bill-and-hold sales." }, { "id": "case-2001-xerox", "slug": "2001-xerox", "title": "Xerox Corporation: $1.5B Lease Acceleration and Reserve Manipulation", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2001-01-01", "fraud_period_end": "2003-12-31", "first_action_date": "2003-09-20", "overstatement_usd": 1500000000.0, "total_penalties_usd": 10000000.0, "max_prison_months": 0, "primary_scheme": "multiple-element-manipulation", "issuer_name": "Xerox Corporation", "auditor_name": "KPMG LLP", "summary": "Altered discount rates and artificially reallocated photocopier lease payments from ongoing servicing to immediate upfront equipment sale revenue." }, { "id": "case-2006-brocade-communications", "slug": "2006-brocade-communications", "title": "Brocade Communications: Criminal Options Backdating Scheme", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2006-01-01", "fraud_period_end": "2008-12-31", "first_action_date": "2008-09-20", "overstatement_usd": 150000000.0, "total_penalties_usd": 7000000.0, "max_prison_months": 0, "primary_scheme": "options-backdating", "issuer_name": "Brocade Communications Systems, Inc.", "auditor_name": "KPMG LLP", "summary": "CEO Gregory Reyes retroactively selected dates when stock traded at historic lows to grant heavily in-the-money executive stock options." }, { "id": "case-2005-diebold", "slug": "2005-diebold", "title": "Diebold, Inc.: Bill-and-Hold and Factory Floor Premature Revenue Recognition", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2005-01-01", "fraud_period_end": "2007-12-31", "first_action_date": "2007-09-20", "overstatement_usd": 127000000.0, "total_penalties_usd": 25000000.0, "max_prison_months": 0, "primary_scheme": "bill-and-hold", "issuer_name": "Diebold, Incorporated", "auditor_name": "KPMG LLP", "summary": "Recognized voting machine and ATM sales while products remained unassembled on factory floors or held in third-party warehouses." }, { "id": "case-2002-global-crossing", "slug": "2002-global-crossing", "title": "Global Crossing: Hundreds of Millions in Reciprocal Fiber Capacity Swaps", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2002-01-01", "fraud_period_end": "2004-12-31", "first_action_date": "2004-09-20", "overstatement_usd": 750000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "round-tripping", "issuer_name": "Global Crossing Ltd.", "auditor_name": "Arthur Andersen LLP", "summary": "Sold capacity on fiber networks while simultaneously agreeing to purchase identical amounts from counterparties with no commercial justification." }, { "id": "case-2002-qwest-communications", "slug": "2002-qwest-communications", "title": "Qwest Communications: $3B Sham Optical Capacity Swaps and False Metrics", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2002-01-01", "fraud_period_end": "2004-12-31", "first_action_date": "2004-09-20", "overstatement_usd": 3000000000.0, "total_penalties_usd": 250000000.0, "max_prison_months": 0, "primary_scheme": "round-tripping", "issuer_name": "Qwest Communications International Inc.", "auditor_name": "Arthur Andersen LLP", "summary": "Entered pre-arranged swap transactions with telecom competitors, booking revenue immediately while amortizing purchased capacity over 25 years." }, { "id": "case-2011-colonial-bank", "slug": "2011-colonial-bank", "title": "Colonial Bank: $2.9B Fake Mortgage Collateral Fraud with Taylor Bean", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2011-01-01", "fraud_period_end": "2013-12-31", "first_action_date": "2013-09-20", "overstatement_usd": 2900000000.0, "total_penalties_usd": 625000000.0, "max_prison_months": 0, "primary_scheme": "loan-loss-provisioning", "issuer_name": "Colonial BancGroup, Inc.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Purchased billions in mortgage lines from Taylor Bean & Whitaker backed by fake loan collateral data and already-sold loans." }, { "id": "case-2014-gowex", "slug": "2014-gowex", "title": "Let's GOWEX: 90% Fabricated Municipal Wi-Fi Contracts and Revenues", "jurisdiction": "ES", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2014-01-01", "fraud_period_end": "2016-12-31", "first_action_date": "2016-09-20", "overstatement_usd": 180000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "fictitious-revenue", "issuer_name": "Let's GOWEX S.A.", "auditor_name": "M&A Auditores", "summary": "CEO Jenaro Garcia used circular billing with front companies controlled by his chauffeur to create fake municipal public Wi-Fi contracts." }, { "id": "case-2020-noble-group", "slug": "2020-noble-group", "title": "Noble Group: Aggressive Mark-to-Model Commodity Contract Valuations", "jurisdiction": "SG", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2020-01-01", "fraud_period_end": "2022-12-31", "first_action_date": "2022-09-20", "overstatement_usd": 1500000000.0, "total_penalties_usd": 126000000.0, "max_prison_months": 0, "primary_scheme": "fair-value-manipulation", "issuer_name": "Noble Group Limited", "auditor_name": "Ernst & Young LLP", "summary": "Marked 20-year commodity contracts to speculative internal pricing models, recording hundreds of millions in paper profit." }, { "id": "case-2018-banco-popular", "slug": "2018-banco-popular", "title": "Banco Popular: Concealment of Real Estate Loan-Loss Provisions", "jurisdiction": "ES", "status": "adjudicated", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2018-01-01", "fraud_period_end": "2020-12-31", "first_action_date": "2020-09-20", "overstatement_usd": 3700000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "loan-loss-provisioning", "issuer_name": "Banco Popular Español S.A.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Failed to take adequate loan-loss provisions on impaired toxic real estate portfolios, precipitating EU Single Resolution Board takeover." }, { "id": "case-2015-volkswagen", "slug": "2015-volkswagen", "title": "Volkswagen: Material Omission of Emissions Defeat Devices in Bond Offerings", "jurisdiction": "DE", "status": "settled", "admit_deny": "admitted", "fraud_period_start": "2015-01-01", "fraud_period_end": "2017-12-31", "first_action_date": "2017-09-20", "overstatement_usd": 15000000000.0, "total_penalties_usd": 4300000000.0, "max_prison_months": 0, "primary_scheme": "material-omission", "issuer_name": "Volkswagen AG", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Issued billions in corporate bonds while actively concealing that 11 million diesel vehicles violated emissions regulations." }, { "id": "case-2018-theranos", "slug": "2018-theranos", "title": "Theranos: Fabricated Revenue Projections and Fake Blood Analyzer Demos", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2018-01-01", "fraud_period_end": "2020-12-31", "first_action_date": "2020-09-20", "overstatement_usd": 700000000.0, "total_penalties_usd": 500000.0, "max_prison_months": 0, "primary_scheme": "misleading-non-gaap-and-kpis", "issuer_name": "Theranos, Inc.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Elizabeth Holmes and Sunny Balwani deceived investors with fake DOD contract claims, false revenues, and proprietary analyzer demos run on commercial machines." }, { "id": "case-2019-thomas-cook", "slug": "2019-thomas-cook", "title": "Thomas Cook: Going-Concern Concealment and Software Capitalization", "jurisdiction": "GB", "status": "adjudicated", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2019-01-01", "fraud_period_end": "2021-12-31", "first_action_date": "2021-09-20", "overstatement_usd": 1100000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "going-concern-concealment", "issuer_name": "Thomas Cook Group plc", "auditor_name": "Ernst & Young LLP", "summary": "Management deferred operational software costs and concealed working capital deficits from auditors until compulsory liquidation." }, { "id": "case-2016-olympus", "slug": "2016-olympus", "title": "Olympus: 20-Year 'Tobashi' Scheme Concealing $1.7B Investment Losses", "jurisdiction": "JP", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2016-01-01", "fraud_period_end": "2018-12-31", "first_action_date": "2018-09-20", "overstatement_usd": 1700000000.0, "total_penalties_usd": 92000000.0, "max_prison_months": 0, "primary_scheme": "acquisition-accounting-abuse", "issuer_name": "Olympus Corporation", "auditor_name": "KPMG AZSA LLC", "summary": "Pushed bad securities investments onto offshore shell funds, later extinguishing the losses by paying $687M in bogus M&A advisory fees." }, { "id": "case-2002-dynegy", "slug": "2002-dynegy", "title": "Dynegy: Project Alpha Financing Disguised as Operating Cash Flow", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2002-01-01", "fraud_period_end": "2004-12-31", "first_action_date": "2004-09-20", "overstatement_usd": 300000000.0, "total_penalties_usd": 3000000.0, "max_prison_months": 0, "primary_scheme": "round-tripping", "issuer_name": "Dynegy Inc.", "auditor_name": "Arthur Andersen LLP", "summary": "Used complex natural gas transactions to disguise a $300M loan as operating cash flow and cut taxes by $80M." }, { "id": "case-2006-unitedhealth-group", "slug": "2006-unitedhealth-group", "title": "UnitedHealth Group: Decades-Long Options Backdating and $400M Clawback", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2006-01-01", "fraud_period_end": "2008-12-31", "first_action_date": "2008-09-20", "overstatement_usd": 1500000000.0, "total_penalties_usd": 400000000.0, "max_prison_months": 0, "primary_scheme": "options-backdating", "issuer_name": "UnitedHealth Group Incorporated", "auditor_name": "Deloitte & Touche LLP", "summary": "Systematically backdated stock option awards to historical quarterly trading lows, avoiding compensation expense." }, { "id": "case-2011-china-media-express", "slug": "2011-china-media-express", "title": "China MediaExpress: Reverse Merger Shell with Fabricated Bank Statements", "jurisdiction": "CN", "status": "adjudicated", "admit_deny": "contested", "fraud_period_start": "2011-01-01", "fraud_period_end": "2013-12-31", "first_action_date": "2013-09-20", "overstatement_usd": 100000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "reverse-merger-fraud", "issuer_name": "China MediaExpress Holdings, Inc.", "auditor_name": "Deloitte & Touche LLP", "summary": "Went public via US shell company, reported tens of millions in cash while maintaining fabricated bank balances and fake bus ad contracts." }, { "id": "case-2003-symbol-technologies", "slug": "2003-symbol-technologies", "title": "Symbol Technologies: 'Candy Deals' and Widespread Revenue Stuffing", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2003-01-01", "fraud_period_end": "2005-12-31", "first_action_date": "2005-09-20", "overstatement_usd": 230000000.0, "total_penalties_usd": 37000000.0, "max_prison_months": 0, "primary_scheme": "side-letters", "issuer_name": "Symbol Technologies, Inc.", "auditor_name": "Deloitte & Touche LLP", "summary": "Executives systematically used undisclosed side letters granting return rights and backdated sales records to hit targets." }, { "id": "case-2008-fannie-mae-freddie-mac", "slug": "2008-fannie-mae", "title": "Fannie Mae: Loan-Loss Reserve Manipulation to Trigger Executive Payouts", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2008-01-01", "fraud_period_end": "2010-12-31", "first_action_date": "2010-09-20", "overstatement_usd": 6300000000.0, "total_penalties_usd": 400000000.0, "max_prison_months": 0, "primary_scheme": "allowance-manipulation", "issuer_name": "Federal National Mortgage Association", "auditor_name": "KPMG LLP", "summary": "Understated loan-loss reserves and applied improper hedge accounting under FAS 133 to smooth earnings and guarantee max executive compensation." }, { "id": "case-2005-delphi", "slug": "2005-delphi", "title": "Delphi Corporation: Sham Battery Inventory Transactions and Off-Balance Financing", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2005-01-01", "fraud_period_end": "2007-12-31", "first_action_date": "2007-09-20", "overstatement_usd": 1200000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "round-tripping", "issuer_name": "Delphi Corporation", "auditor_name": "Deloitte & Touche LLP", "summary": "Sold precious metals and batteries to counterparties at quarter end with secret commitments to repurchase them at fixed prices." }, { "id": "case-2002-homestore", "slug": "2002-homestore", "title": "Homestore.com: Triangular Round-Trip Online Advertising Barter Deals", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2002-01-01", "fraud_period_end": "2004-12-31", "first_action_date": "2004-09-20", "overstatement_usd": 46000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "barter-and-nonmonetary", "issuer_name": "Homestore, Inc.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Bought services from vendors who agreed to buy advertising from third-party media companies who then purchased banner ads from Homestore." }, { "id": "case-2002-aol-time-warner", "slug": "2002-aol-time-warner", "title": "AOL Time Warner: $1B Round-Trip and Nonmonetary Advertising Swaps", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2002-01-01", "fraud_period_end": "2004-12-31", "first_action_date": "2004-09-20", "overstatement_usd": 1000000000.0, "total_penalties_usd": 510000000.0, "max_prison_months": 0, "primary_scheme": "barter-and-nonmonetary", "issuer_name": "AOL Time Warner Inc.", "auditor_name": "Ernst & Young LLP", "summary": "Inflated dot-com advertising revenues by funding counterparties through side deals to purchase banner advertising." }, { "id": "case-1999-w-r-grace", "slug": "1999-w-r-grace", "title": "W.R. Grace & Co.: Landmark SEC Cookie-Jar Reserve Action", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "1999-01-01", "fraud_period_end": "2001-12-31", "first_action_date": "2001-09-20", "overstatement_usd": 20000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "cookie-jar-reserves", "issuer_name": "W.R. Grace & Co.", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Diverted up to $20M in earnings from National Medical Care subsidiary into general reserves to smooth multi-year earnings trends." }, { "id": "case-1986-crazy-eddie", "slug": "1986-crazy-eddie", "title": "Crazy Eddie: Altered Inventory Count Sheets and Phony Invoices", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "1986-01-01", "fraud_period_end": "1988-12-31", "first_action_date": "1988-09-20", "overstatement_usd": 80000000.0, "total_penalties_usd": 15000000.0, "max_prison_months": 0, "primary_scheme": "phantom-inventory", "issuer_name": "Crazy Eddie, Inc.", "auditor_name": "Peat Marwick Mitchell & Co.", "summary": "Eddie Antar forged inventory count sheets and swapped merchandise between stores during audits to overstate inventory assets by $80M." }, { "id": "case-1992-phar-mor", "slug": "1992-phar-mor", "title": "Phar-Mor: $500M Phantom Inventory Ledger and Subordinate Bribery", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "1992-01-01", "fraud_period_end": "1994-12-31", "first_action_date": "1994-09-20", "overstatement_usd": 500000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "phantom-inventory", "issuer_name": "Phar-Mor, Inc.", "auditor_name": "Coopers & Lybrand", "summary": "Maintained false general ledgers allocating store losses to a phantom inventory bucket account, deceiving Coopers & Lybrand." }, { "id": "case-2012-hewlett-packard-autonomy", "slug": "2012-autonomy", "title": "Autonomy Corp: Hardware Resale Disguised as High-Margin Software", "jurisdiction": "GB", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2012-01-01", "fraud_period_end": "2014-12-31", "first_action_date": "2014-09-20", "overstatement_usd": 8800000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "gross-vs-net", "issuer_name": "Autonomy Corporation plc", "auditor_name": "Deloitte & Touche LLP", "summary": "Sold hardware at a loss to create appearance of rapid growth and booked gross software revenues before HP's $11B buyout." }, { "id": "case-2018-general-electric", "slug": "2018-general-electric", "title": "General Electric: $200M SEC Penalty for Long-Term Care and Power Accounting", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2018-01-01", "fraud_period_end": "2020-12-31", "first_action_date": "2020-09-20", "overstatement_usd": 22000000000.0, "total_penalties_usd": 200000000.0, "max_prison_months": 0, "primary_scheme": "segment-misreporting", "issuer_name": "General Electric Company", "auditor_name": "KPMG LLP", "summary": "Misled investors regarding power segment cash flows and quietly lowered loss reserves for runaway long-term care liabilities." }, { "id": "case-2017-tesco", "slug": "2017-tesco", "title": "Tesco plc: £250M Premature Commercial Supplier Income Pull-Forward", "jurisdiction": "GB", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2017-01-01", "fraud_period_end": "2019-12-31", "first_action_date": "2019-09-20", "overstatement_usd": 330000000.0, "total_penalties_usd": 160000000.0, "max_prison_months": 0, "primary_scheme": "premature-recognition", "issuer_name": "Tesco plc", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Early recognition of commercial income from supplier promotions and rebates that had not yet been earned under contract terms." }, { "id": "case-2018-steinhoff-international", "slug": "2018-steinhoff-international", "title": "Steinhoff International: €6.5B Fictitious Transactions and Hidden Off-Balance Entities", "jurisdiction": "ZA", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2018-01-01", "fraud_period_end": "2020-12-31", "first_action_date": "2020-09-20", "overstatement_usd": 7300000000.0, "total_penalties_usd": 31000000.0, "max_prison_months": 0, "primary_scheme": "off-balance-sheet-entities", "issuer_name": "Steinhoff International Holdings N.V.", "auditor_name": "Deloitte & Touche LLP", "summary": "CEO Markus Jooste used offshore entities to execute €6.5B in bogus asset sales, loans, and receivables over a 10-year span." }, { "id": "case-2019-bhs", "slug": "2019-bhs", "title": "BHS: Audit Failure and Sale for £1 Prior to Catastrophic Pension Collapse", "jurisdiction": "GB", "status": "adjudicated", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2019-01-01", "fraud_period_end": "2021-12-31", "first_action_date": "2021-09-20", "overstatement_usd": 750000000.0, "total_penalties_usd": 13000000.0, "max_prison_months": 0, "primary_scheme": "audit-failure", "issuer_name": "British Home Stores (BHS)", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "PwC signed off on BHS as a going concern days before it was sold for £1 to a bankrupt buyer with a £571M pension deficit." }, { "id": "case-2021-boeing", "slug": "2021-boeing", "title": "Boeing: $200M SEC Settlement for Misleading 737 MAX Safety Disclosures", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2021-01-01", "fraud_period_end": "2023-12-31", "first_action_date": "2023-09-20", "overstatement_usd": 2500000000.0, "total_penalties_usd": 200000000.0, "max_prison_months": 0, "primary_scheme": "material-omission", "issuer_name": "The Boeing Company", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Made misleading public disclosures asserting that 737 MAX was safe while knowing internal engineers identified MCAS flight control risks." }, { "id": "case-2019-wework", "slug": "2019-wework", "title": "WeWork: 'Community Adjusted EBITDA' and Concealed Self-Dealing Leases", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2019-01-01", "fraud_period_end": "2021-12-31", "first_action_date": "2021-09-20", "overstatement_usd": 1600000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "misleading-non-gaap-and-kpis", "issuer_name": "WeWork Inc.", "auditor_name": "Ernst & Young LLP", "summary": "Promoted misleading non-GAAP metrics adding back standard operational lease and marketing expenses, while CEO leased personal buildings to company." }, { "id": "case-2018-kpmg-pcaob-leak-scandal", "slug": "2018-kpmg-pcaob-leak", "title": "KPMG PCAOB Leak Scandal: Stealing Regulators' Inspection Lists to Alter Workpapers", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2018-01-01", "fraud_period_end": "2020-12-31", "first_action_date": "2020-09-20", "overstatement_usd": 0.0, "total_penalties_usd": 50000000.0, "max_prison_months": 0, "primary_scheme": "workpaper-alteration", "issuer_name": "ent-kpmg-us", "auditor_name": "KPMG LLP", "summary": "KPMG audit leadership recruited former PCAOB staff who leaked confidential audit inspection targets, allowing partners to secretly edit workpapers." }, { "id": "case-2001-arthur-andersen-enron", "slug": "2001-arthur-andersen-enron", "title": "Arthur Andersen: Document Shredding and Obstruction of Justice in Enron Audit", "jurisdiction": "US", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2001-01-01", "fraud_period_end": "2003-12-31", "first_action_date": "2003-09-20", "overstatement_usd": 0.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "workpaper-alteration", "issuer_name": "ent-andersen-us", "auditor_name": "Arthur Andersen LLP", "summary": "Lead audit partners ordered massive wholesale shredding of Enron audit workpapers after learning of federal SEC subpoenas." }, { "id": "case-2019-pwc-independence-sec-settlement", "slug": "2019-pwc-independence", "title": "PricewaterhouseCoopers: $7.9M SEC Settlement for Nationwide Independence Violations", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2019-01-01", "fraud_period_end": "2021-12-31", "first_action_date": "2021-09-20", "overstatement_usd": 0.0, "total_penalties_usd": 7900000.0, "max_prison_months": 0, "primary_scheme": "independence-violation", "issuer_name": "ent-pwc-us", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "PwC violated auditor independence rules across 19 public audit engagements by designing accounting systems and performing non-audit functions." }, { "id": "case-2014-ernst-young-independence-actions", "slug": "2014-ey-independence", "title": "Ernst & Young: Independence Violations from Commercial and Romantic Ties", "jurisdiction": "US", "status": "settled", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2014-01-01", "fraud_period_end": "2016-12-31", "first_action_date": "2016-09-20", "overstatement_usd": 0.0, "total_penalties_usd": 9300000.0, "max_prison_months": 0, "primary_scheme": "independence-violation", "issuer_name": "ent-ey-us", "auditor_name": "Ernst & Young LLP", "summary": "SEC sanctioned EY for lead audit partners having improper romantic and close personal financial relationships with client executives." }, { "id": "case-2017-kobe-steel", "slug": "2017-kobe-steel", "title": "Kobe Steel: Systematic Falsification of Quality Certificates for Decades", "jurisdiction": "JP", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2017-01-01", "fraud_period_end": "2019-12-31", "first_action_date": "2019-09-20", "overstatement_usd": 100000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "material-omission", "issuer_name": "Kobe Steel, Ltd.", "auditor_name": "KPMG AZSA LLC", "summary": "Forged metals strength and quality testing data across factories for decades, failing to disclose safety hazards to markets." }, { "id": "case-2018-samsung-biologics", "slug": "2018-samsung-biologics", "title": "Samsung BioLogics: 4.5 Trillion Won Acquisition Accounting Inflation", "jurisdiction": "KR", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2018-01-01", "fraud_period_end": "2020-12-31", "first_action_date": "2020-09-20", "overstatement_usd": 3800000000.0, "total_penalties_usd": 7000000.0, "max_prison_months": 0, "primary_scheme": "acquisition-accounting-abuse", "issuer_name": "Samsung BioLogics Co., Ltd.", "auditor_name": "Samjong KPMG", "summary": "Opportunistically changed valuation of joint venture affiliate Samsung Bioepis to fair value, manufacturing a 4.5T won net profit." }, { "id": "case-2016-daewoo-shipbuilding", "slug": "2016-daewoo-shipbuilding", "title": "Daewoo Shipbuilding: 5 Trillion Won Loss Concealment via Percentage-of-Completion", "jurisdiction": "KR", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2016-01-01", "fraud_period_end": "2018-12-31", "first_action_date": "2018-09-20", "overstatement_usd": 4500000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "premature-recognition", "issuer_name": "Daewoo Shipbuilding & Marine Engineering", "auditor_name": "Deloitte Anjin LLC", "summary": "Understated offshore drillship construction costs and delayed impairment, concealing 5 trillion won in operating losses." }, { "id": "case-2013-pescanova", "slug": "2013-pescanova", "title": "Pescanova: €3B Hidden Debt via 40 Unconsolidated Shell Companies", "jurisdiction": "ES", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2013-01-01", "fraud_period_end": "2015-12-31", "first_action_date": "2015-09-20", "overstatement_usd": 3400000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "off-balance-sheet-entities", "issuer_name": "Pescanova S.A.", "auditor_name": "BDO LLP", "summary": "Concealed €3B in debt through circular factoring of fake seafood invoices across an undisclosed network of 40 shell entities." }, { "id": "case-2021-greensill-capital", "slug": "2021-greensill-capital", "title": "Greensill Capital: Prospective Receivables and Multi-Billion Credit Concentration", "jurisdiction": "GB", "status": "adjudicated", "admit_deny": "neither_admit_nor_deny", "fraud_period_start": "2021-01-01", "fraud_period_end": "2023-12-31", "first_action_date": "2023-09-20", "overstatement_usd": 5000000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "fictitious-revenue", "issuer_name": "Greensill Capital", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Financed prospective future receivables for sales that had not occurred, concentrating billions of credit in single unrated borrowers." }, { "id": "case-2015-petrobras", "slug": "2015-petrobras", "title": "Petrobras: $2.5B Capitalized Contractor Bribes and Cartel Overpayments", "jurisdiction": "BR", "status": "settled", "admit_deny": "admitted", "fraud_period_start": "2015-01-01", "fraud_period_end": "2017-12-31", "first_action_date": "2017-09-20", "overstatement_usd": 2500000000.0, "total_penalties_usd": 1780000000.0, "max_prison_months": 0, "primary_scheme": "capitalising-operating-expenses", "issuer_name": "Petróleo Brasileiro S.A. - Petrobras", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Capitalized billions in cartel kickbacks and corrupt payments into property, plant, and equipment construction projects." }, { "id": "case-2011-puda-coal", "slug": "2011-puda-coal", "title": "Puda Coal: Reverse Merger Fraud and Secret Theft of Operating Asset", "jurisdiction": "CN", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2011-01-01", "fraud_period_end": "2013-12-31", "first_action_date": "2013-09-20", "overstatement_usd": 150000000.0, "total_penalties_usd": 0, "max_prison_months": 0, "primary_scheme": "reverse-merger-fraud", "issuer_name": "Puda Coal, Inc.", "auditor_name": "Moore Stephens LLP", "summary": "Chairman secretly transferred 90% of operating coal subsidiary to his personal ownership while continuing to file US SEC audited reports." }, { "id": "case-2021-evergrande", "slug": "2021-evergrande", "title": "China Evergrande: 564B Yuan Revenue Inflation on Incomplete Apartments", "jurisdiction": "CN", "status": "adjudicated", "admit_deny": "admitted", "fraud_period_start": "2021-01-01", "fraud_period_end": "2023-12-31", "first_action_date": "2023-09-20", "overstatement_usd": 78000000000.0, "total_penalties_usd": 577000000.0, "max_prison_months": 0, "primary_scheme": "premature-recognition", "issuer_name": "China Evergrande Group (Hengda Real Estate)", "auditor_name": "PricewaterhouseCoopers LLP", "summary": "Recognized revenue on apartment sales upon presale contract signing rather than upon physical completion and delivery." } ]