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TAKING STOCK
Successes Building in the Fight Against Corporate Fraud
 

03/04/04

   
Cracking Down on Corporate Fraud Graphic

Remember 2001, when you started hearing story after story about top executives at some of America's biggest corporations cooking the books, causing thousands of employees to lose their jobs, and losing billions for their investors?

So what's happened? Are those responsible for this wave of "crime in the suites" being held accountable? Absolutely! If you haven't been keeping track, here's a running list of major successes:

 

Executive*
Former Title/Company
Result
Losses**
Jeffrey K. Skilling CEO, Enron
Indicted
$80B
Andrew S. Fastow CFO, Enron
Pled guilty
 
   
 
Bernard J. Ebbers CEO, WorldCom
Indicted
$11B
Scott D. Sullivan CFO, WorldCom
Pled guilty
 
   
 
Charles W. McCall Chairman, McKessonHBOC
Indicted
$9B
Albert J. Bergonzi President/COO, HBOC
Pled guilty
 
       
Richard M. Scrushy Chairman/CEO, HealthSouth
Indicted
$2.5B
William T. Owens Pres./COO & CFO, HealthSouth
Pled guilty
 
   
 
Martin L. Grass Chairman/CEO, Rite Aid
Pled guilty
$1.5B
Timothy J. Noonan President/COO, Rite Aid
Pled guilty
 
   
 

Jean-Yves Haberer

Chairman/Pres., Credit Lyonnais
Indicted
$1B
Jean Peyrelevade Chairman/Pres., Credit Lyonnais
Indicted
 

* Please note: the indicted defendants are presumed innocent until the government meets its burden in court of proving guilt beyond a reasonable doubt.
** Total estimated losses to investors for each corporation.

The grand totals? In concert with its partners, the FBI is investigating 170 major cases of corporate fraud. Eighteen of these cases, by themselves, have caused investors to lose at least $1 billion. To date, 240 executives have been indicted and 132 convicted.

Remember, you can help: By calling the FBI Corporate Fraud Hotline at 888-622-0117. All calls will be kept confidential.

Links: White Collar Crime page | Deputy Attorney General's "President's Corporate Fraud Task Force"