Word: fraud
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...against Parmalat founder Calisto Tanzi, former finance director Fausto Tonna and 27 other people last week, the day before the expiration date to qualify for fast-track court proceedings in the €14 billion collapse of the Italian dairy-and-food giant. The executives are accused of an elaborate fraud scheme, including falsifying balance sheets and misleading investors. The Italian affiliates...
...wind that the FDA was going to reject his company's application to move forward with its drug. The Waksal family sent word to Bacanovic, their broker as well as Stewart's, and tried to sell $7.3 million of ImClone stock. Waksal has since pleaded guilty to securities fraud and other charges and is serving a seven-year prison sentence...
...through a series of audacious takeovers, built it into the second largest U.S. long-distance operator. But his single-minded pursuit of growth and, in the end, his manic desperation to please Wall Street led him to mastermind, according to his federal criminal indictment last week, an accounting fraud estimated by some experts at $11 billion, the largest in U.S. history...
Every political period has its characteristic form of scandal. During the Reagan defense buildup of the mid-1980s, the scandal of the day was "waste, fraud and mismanagement" at the Pentagon, symbolized by the infamous $640 toilet seat. Amid the general embarrassment and excusemaking, only one defense hawk was bold enough to declare that waste and fraud were actually good things. "We need more" of them, wrote Edward Luttwak in Commentary. If you're going to build a stronger defense and build it fast, a bit of corruption is a necessary by-product...
...Tyco finance a $5 million diamond ring for his wife. How could he have criminal intent if it was all out in the open? By contrast, Scott Sullivan, former CFO of WorldCom, engaged in a more traditional form of gall in pleading guilty to $11 billion worth of accounting fraud. It was a "misguided effort to save the company," he said. Call this the Vietnam defense: it was necessary to destroy the company in order to save...