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• eBook-Kapitel aus dem Buch Accounting Fraud

  Case 33: Vivendi Universal (France, 2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in European Companies 194 Case 33: Vivendi Universal (France, 2002) Initially, Jean-Marie Messier was being celebrated as a… …. According to Le Monde, Vivendi had appeared to dispose of 400 million shares in BSkyB, but, instead of selling them, Accounting Fraud in European… …separate SEC probe. In December 2002, fraud squad detectives raided Vivendi’s Paris headquarters and the homes of its deposed CEO, Jean-Marie Messier… …, hauling away boxes of docu- ments and electronic records. “The situation for Vivendi looks quite dangerous,” said a lawyer specialized in securities fraud… …cases. “Vivendi has to defend itself at a time when public anger over corporate fraud is running high, and juries are increas- ingly willing to hand out… …big awards in such cases.” Accounting Fraud in European Companies 196 In December 2003, the SEC announced that it filed and simultaneously… …settled a civil fraud action against Vivendi and its former CEO. Specifically, the SEC com- plaint included the following allegations (see SEC Press… …Accounting Fraud in European Companies 197 planned to dispose of. In a self-justificatory book published in 2003, Messier sug- gested that he was a… …, the company had continued to apply French GAAP. Accounting Fraud in European Companies 198 References: Vivendi Universal, with its… …turned up the heat for the French media giant, Business Week Online, November 18, 2002 Fraud squad raids Vivendi offices, The Independent, December 13…

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  Case 2: ZZZZ Best Company (1987)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 29 Case 2: ZZZZ Best Company (1987) The story of Barry Minkow, the amazing teen-age swindler, may… …had been committing fraud. When he wasn’t directly stealing money, he was raising it fraudulently. Nonethe- less, he was able to expand his company and… …even Minkow by surprise. Everything happened very fast. Within four years, ZZZZ Accounting Fraud in U.S. Companies 30 Best (that had started… …pub- Accounting Fraud in U.S. Companies 31 lic, he fooled auditors, investment bankers, brokerage firms, outside attorneys and the SEC alike… …Best’s business was legitimate. However, the bulk of the fraud was concentrated in the company’s sales and receivables (most of which were fictitious)… …unravelled the fraud. The sole practitioner who performed the ZZZZ Best audits before the company went public admitted that he had not inspected any of the… …unfinished building and, astonishingly, completing it in Accounting Fraud in U.S. Companies 32 just 20 days, at a cost of USD 2 million. It was a… …, despite Accounting Fraud in U.S. Companies 33 her persistence, Minkow avoided repaying the small amount. She never forgot the insult and tracked… …counts of racketeering, securities fraud, embezzlement, tax evasion and bank fraud. It also accused Minkow of setting up dummy companies, writing phony… …a victim of mobsters and loan sharks who had taken over his company and forced him to commit fraud. Nonetheless, he was found guilty on all charges…

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  Case 43: Sanyo Electric (Japan, 2007)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in Asian Companies 247 Case 43: Sanyo Electric (Japan, 2007) Like other Japanese electronics makers, Osaka-based Sanyo… …temporarily after being implicated in financial statement fraud at Kanebo, the cosmetics firm. It had also been the auditor for Nikko Cordial, which had to… …restate past results to correct accounting irregularities as well. And now, Accounting Fraud in Asian Companies 248 Sanyo was believed not to have… …manufacturing company like Sanyo, which had started by making bicycle lamps in 1947. “Think Gaia was a good strategy,” said a financial Accounting Fraud in… …going green will get them out of the red.” References: Sanyo’s Accounting Fraud, www.home.comcast.net, February 23, 2007 Sanyo Earnings Probe… …Sends Shares South, E-Commerce Times, February 23, 2007 Sanyo probed for securities fraud, www.news.webindia123.com, February 23, 2007 Sanyo Probed over…

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  Case 39: Seibu Railway (Japan, 2004)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in Asian Companies 232 Case 39: Seibu Railway (Japan, 2004) Yoshiaki Tsutsumi, the former chairman of Seibu Railway, was… …president Terumasa Koyanagi to under-report the size of stakes held in Seibu Accounting Fraud in Asian Companies 233 Railway by its largest… …. According to sources close to the company, Koya- nagi had been questioned by prosecutors almost every day since Seibu had made the fraud public. The… …affairs department in charge of stocks was found dead on a beach Accounting Fraud in Asian Companies 234 in Yamagata Prefecture, after financial… …, several other high-profile scandals rocked the nation. Accounting Fraud in Asian Companies 235 References: Japanese tycoon resigns in… …Koyanagi found hanged, www.japanaddicted.com, February 20, 2005 Japanese mogul arrested for fraud, www.news.bbc.co.uk, March 3, 2005 Japan arrests former… …world’s richest person over fraud, People’s Daily Online, March 3, 2005 Japan Arrests Rail Tycoon in Insider Trading Case, The New York Times, March 4… …, 2005 Koizumi supporter arrested on fraud charges, Times Online, March 4, 2005 Tsutsumi held over Seibu share scam, insider trade, The Japan Times…

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  Case 37: Siemens (Germany, 2006)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in European Companies 218 Case 37: Siemens (Germany, 2006) For over 160 years, Siemens has stood for technological… …and I really mean zero toler- ance,” CEO Klaus Kleinfeld said in a statement. Accounting Fraud in European Companies 219 The Munich… …public prosecutor initially believed that a small criminal gang within Siemens was behind the fraud scandal, with money being channelled from the com-… …. Accounting Fraud in European Companies 220 The scope of the investigations was unprecedented, authorities said. German and American investigators… …collected more than 100 million documents and conducted more than 1,700 fraud interviews in 34 countries; Debevoise & Plimpton racked up 1.5 million… …guidelines – at least on paper. According to court docu- Accounting Fraud in European Companies 221 ments, Siemens just created a “paper program”, a… …discussed how to better disguise its illegal payments, while making sure that the employees didn’t pocket the money. Accounting Fraud in European… …, saying it had always fulfilled all its reporting duties in connection Accounting Fraud in European Companies 223 with the auditing of Siemens’s… …his conduct; he said he had assumed “political responsi- Accounting Fraud in European Companies 224 bility” for the affair. Siemens had charged… …than the Siemens fraud, and struck at the heart of German integrity. According to Wharton professor Thomas Donaldson, the attitude that bribery is…

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  Case 6: Bausch & Lomb (1994)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 51 Case 6: Bausch & Lomb (1994) In the early 1990s, Bausch & Lomb, Inc. was a respected American company… …estimates indicated that it might take some dis- tributors up to two years to sell the SVS lenses that CLD management was expect- Accounting Fraud in U.S… …date. The accounting scandal led to the departure of several CLD executives, and it severely tested inves- Accounting Fraud in U.S. Companies 53… …“refreshed” with the aid of APD personnel who manually altered the computer-generated aging reports. Accounting Fraud in U.S. Companies 54… …After the scheme was discovered, company management replaced all Hong Kong personnel that it held responsible for the fraud. There was no evidence that… …: Financial Shenanigans – How to detect accounting gimmicks and fraud in financial reports, 2nd edition, Boston 2002, p. 89 Securities and…

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  Case 28: EM.TV (Germany, 2000)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in European Companies 173 Case 28: EM.TV (Germany, 2000) “Entertainment Munich TV” (commonly referred to as “EM.TV”) was… …matter-of-factly, “I want to be big.” Accounting Fraud in European Companies 174 However, EM.TV was still tiny compared with European TV heavyweights… …Haffa brothers based on the allegations of untrue financial statements and securities fraud. Accounting Fraud in European Companies 175 The… …while continuing to paint a rosy picture of the company. In order to shore up EM.TV’s sagging share price, Accounting Fraud in European Companies… …, February 16, 2001 Fraud charges ground German TV’s high-flyers, Evening Standard London, November 21, 2002 Understanding Director & Officer Liability in…

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  Case 16: Tyco International (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 112 Case 16: Tyco International (2002) Under the leadership of CEO Dennis Kozlowski, Tyco International… …. Nevertheless, taken as a group, these 700 deals certainly had a material Accounting Fraud in U.S. Companies 113 impact on Tyco’s results. As a… …and employees with outsized compensation. Accounting Fraud in U.S. Companies 114 The SEC filed a separate but related civil lawsuit… …, charging Kozlowski, Swartz and Tyco general counsel Mark Belnick with grand larceny, conspiracy, corruption, securities fraud and falsifying business… …. Thus, this executive compensation was never disclosed. Accounting Fraud in U.S. Companies 115 In 2000, Kozlowski and Swartz engineered… …Swartz indicated that they would appeal Accounting Fraud in U.S. Companies 116 the verdict. The pair had testified that they were unaware of… …securi- ties fraud, but was not sentenced to prison. Before the sentencing, Kozlowski had asked the judge to be as “lenient as possible” and to… …. district attorney told the judge that Kozlowski should not be shown any leniency: “He stole. He committed fraud. He committed perjury. And he engaged in a… …that could have uncovered the fraud. However, sources close to the Tyco investigation suggested that Kozlowski (who had trained as an auditor himself)… …return of his Accounting Fraud in U.S. Companies 117 income and benefits since 1997 as well as the forfeiture of all his severance pay. The…

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  Case 17: Global Crossing (2002)

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …Accounting Fraud in U.S. Companies 118 Case 17: Global Crossing (2002) Had the attention not been for Enron (the scandal that had it all at… …the same or Accounting Fraud in U.S. Companies 119 similar. In the second quarter of 2001, for example, reciprocal transactions ac- counted… …. Under the settlement agreement, Global Crossing was accused of faulty disclosure, not fraud, and was not fined. The company had realized little to no… …20 years), and because these revenues were Accounting Fraud in U.S. Companies 120 in similar amounts to the depreciation of investments for… …. Accounting Fraud in U.S. Companies 121 Global Crossing emerged from bankruptcy protection in late 2003 with new owner- ship, new top executives, and a…

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  A Practice Aid for Company Executives: The Ethics Barometer

  Prof. Dr. Klaus Henselmann, Dr. Stefan Hofmann

  …organizations etc.). C.16 All employees have attended fraud awareness trainings. Appendix: Practice Aids 294 C.17 The average duration of those… …fraud awareness sessions is adequate. C.18 The company has established its compliance policy by means of a long- term integrated plan. It regularly…