Misc

Top 10 Frauds of Corporate World

Top 10 Frauds of Corporate World

The economy of the world will stay stable if the spam and frauds stay out, but unfortunately innocent public becomes the victim of frauds and lose their lifetime savings.

10. Enron (America): It is one of the biggest frauds in the history of the 21th century and its investigation is still on. In December 2001, Enron was enforced to register for bankruptcy and it caused loss of $ 11 billion to shareholders when it plummeted to less than $ 1.

9. WorldCom (America): It is second largest fraud in the America, by one of the biggest phone company. WorldCom announced its net profit $ 3.8 billion, in order to create more shareholders. It was investigated later that WorldCom’s chief financial officer S. Sullivan booked expenses as an investment in order to prove company much healthier.

8. Bank of Credit and Commerce International (United Kingdom): According to Touche Ross BCCI had a 5.6 billion UK ponds shortage at the time of closure. Later on it was discovered that an amount of 1 billion UK pounds had been stolen from the Sheikh Zayed personal account, and it is considered world’s biggest financial fraud.

Fannie Mae

7. Subprime Mortgage (America): This fraud goes through in stages first in 2007; more than hundred real estate companies who were in the business of lending went bankrupt, the second in 2007 and within each quarter since then. Huge losses were observed by the financial experts, as they fiddle with the worth of their mortgage backed securities to the resistance of their costprice.

6. Bernie Madoff (America): Fraud worth $ 50 billion was conducted by the, former chairman of the Nasdaq Stock Market and the founder of Bernard L. Madoff investment securities. According to the owner of New York Mets- one of the most trusted names on the Wall Street was a full time fraud.

5. American International Group (America): One of the biggest aircraft leasing company AIG acknowledge that there are some financial issues and improper accounting transaction found that inflated its net worth by up to $ 1.7 billion.

4. Barlow Clowes (UK): The government paid the compensation of $ 150 million to thousand of elderly investors who lost their savings in early 1980, when Barlow Clowes was shut down by the department of trade and industry. The owner Peter Clowes and other related persons to this company affair wassent to jail.

worldcom

3. Fannie Mae and Freddie Mac (America): They both were charged for having links with the fraud of economic crisis on Wall Street in the year 2008. Fannie was fined $ 400 million for using accounting procedures that provide clear picture of the financial situation of the mortgage giant then actually the case.

2. Daewoo Group (South Korea): In the year 2005, the chairman of the Daewoo group charged for accounting fraud of $ 43.4 billion won, borrowing illegally of $ 10.3 billion and $ 3.2 billion smuggled out of the nation.

1. Satyam Computers (India): The chairman of India’s fourth largest IT Company, Ramalinga Raju surrendered to the police and confessed for the Rs 7,100 crore fraud cases.

Misc

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