accounting scandals 2017

Investigations also discovered over a $1 billion worth of errors in accounting transactions. Weinstein has categorically denied taking part in any non-consensual sex. The year following the presidential election became one for Congress and internet titans to rethink their role in the democratic process. This has led to efforts by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) to create whistleblower protections for CPAs to report accounting crimes committed by their clients without receiving the clients consent beforehand. In addition, the disclosure of the fraud led GEs stock price to drop by nearly 75%. This discourages them from repatriating overseas earnings and. After Lehman Brothers collapse, the focus fell on its auditors, EY, for failing to detect the banks misuse of the Repo 105 loophole to disguise how much its finances were leveraged. AIG continues to operate, and its potential failure is no longer considered a threat to the U.S. economy. Its Time for Accounting to Change Its Approach. The loophole allowed Lehman Brothers to conceal just how highly leveraged its investments were. The total amount of losses in the 2,504 fraud cases that the ACFE analyzed in its biennial report was $3.6 billion. For auditing a large-sized company such as Enron, the auditors were criticized for having brief meetings a few times a year that covered large amounts of material. The scandal was discovered when the SEC and the office of the District Attorney of Manhattan carried out investigations related to certain questionable accounting practices by the company. The social work education programs provided by the University of Nevada, Reno School of Social Work are accredited at the baccalaureate and masters levels by the Council on Social Work Education (CSWE). accounting scandals that were brought to light by Woodford (Woodford, 2012). By January 17, 2002, Enron decided to discontinue its business with Arthur Andersen, claiming they had failed in accounting advice and related documents. Nigel Garrow. The SEC suspicious of their actions and HealthSouth was eventually caught. was not formally signed until August 2017 it did not have to be . When Lehman Brothers collapsed in 2008, it was the. Corporate Governance Consequences of Accounting Scandals: Evidence from Top Management, CFO and Auditor Turnover Article Mar 2017 A. Agrawal T. Cooper View Show abstract Does knowledge on. But underlying it's steady recovery: A wave of quality-faking admissions from some of Japan's biggest companies that's has raised questions about the country's standing as a manufacturing powerhouse. Critics continue to question why AIG was bailed out when other firms that fell victim to risky financial instruments were allowed to fail. Gilts management service. Since its impossible to prevent all accounting fraud, early detection of fraudulent activities is key to reducing the risk to companies. ProQuest. Many recent corporate collapses and scandals have involved false or inappropriate accounting of some sort (see list at accounting scandals ). The CEO of the company was sentenced to 25 years in prison. Employees who commit accounting fraud at the request of their employers are subject to personal criminal prosecution.[4]. Well before Bernard Madoff's massive Ponzi scheme came to light, observers doubted whether his listed accounting firm an unknown two-person firm in a rural area north of New York City was competent to service a multibillion-dollar operation, especially since it had only one active accountant, David G. It did so by manipulating financial data in its income statements, balance sheets, Form 10-K filings and annual reports. Forensic accounting goes further, focusing on identifying fraudulent financial transactions. ", "Challenging times for crisis-hit Cosalt", "25 Jaw Dropping Statistics about Employee Fraud in 2015", "Atlantic Acceptance: Even the Big Ones Got Stung; U.S. Investors Lose Heavily Following Collapse of Canada's Atlantic Acceptance", "NY v. Ernst & Young: Who Cares Whether Lehman Brothers Followed GAAP? SFO or the Serious Fraud . His involvement makes the Madoff scheme not only the largest Ponzi scheme ever uncovered, but the largest accounting fraud in world history. The Houston office of the Arthur Andersen, which had approved Enrons sham financial reports, was found complicit in the companys crimes, which led to the firm losing most of its clients. To find the biggest recent accounting scandals in UK, we first turned to AccaGlobal and SFO for suggestions. Deloitte was fired as the auditor of Steinhoff in 2018. "Fraud is here, Fraud is there, but is Fraud Everywhere?" Weinstein apologized but it wasn't enough to save the producer of Oscar-winning films from termination from Weinstein Co. Rel. Web. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in off balance sheet transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative (e.g. This consequence will, in turn, limit successful . Chad Garland has been a practicing accountant serving Louisianas Shreveport and Bossier City area for more than 40 years. The Lehman Brothers accounting scandal demonstrates the devastation that can result from a seemingly minor change to an accounting standard. In this context, management intentionally manipulates accounting policies or accounting estimates to improve financial statements. The San Francisco-based bank announced that it will pay the substantial financial penalty to both the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The Sarbanes-Oxley Act, also known as the SOX Act, is a 2002 federal law that enacted a comprehensive reform of business financial practices. This is the Tesco scandal in 2014. Arthur Andersen was judged guilty of obstruction of justice for disposing of many emails and documents that were related to auditing Enron. [120] CEO Maurice R. "Hank" Greenberg was forced to step down and fought fraud charges until 2017, when the 91-year-old reached a $9.9 million settlement. Lets take a look into some of the biggest accounting scandals to date, so you can be wary of these processes used in your corporation or business. 18044 / March 20, 2003", "In re Chiquita Brands International Inc. Alien Tort Statute and Shareholder Derivative Litigation", "AIG Forks Up $126 Million to SEC on PNC Deals", "Wall Street legend Bernard Madoff arrested over '$50 billion Ponzi scheme', "Anglo Irish Bank bosses quit after hiding loans of 87m", "Satyam scandal rattles confidence in accounting Big Four", "Examiner's Report Lehman Brothers Holdings Inc. Chapter 11 Proceedings", "Sebi finds lapses at NSE in co-location case, issues show-cause notices to related parties", "Sebi finds lapses at NSE in co-location case, issues show-cause notices", "I-T dept brings in ED to check money trail in NSE co-location case", "Olympus used takeover fees to hide losses", "With Autonomy, H-P Bought An Old-Fashioned Accounting Scandal. [108] A month earlier, the company's internal auditors discovered over $3.8 billion in illicit accounting entries intended to mask WorldCom's dwindling earnings, which was by itself more than the accounting fraud uncovered at Enron less than a year earlier. The reason managers give for choosing the passive approach to hiding losses is that its easier to explain the omission to auditors as an accident rather than an intentional act. These scandals involved cheating investors, duping stakeholders, and rendering many people jobless. That spectacular revelation led the news; within weeks. He was instrumental in promoting electronic trading systems, and by the late 1980s, he was earning about $100 million a year. That all helped lead to the ouster of Kalanick in June, giving then-Expedia CEO Dara Khosrowshahi the unenviable task of reforming the firm. FORTUNE may receive compensation for some links to products and services on this website. In 2013, EY agreed to pay $99 million to Lehman Brothers investors but denied any responsibility for the resulting bankruptcy and investor losses. But that changed in 2017, with Facebook and Google which derive a major chunk of their revenue from ad placements both saying that they had found accounts tied to the Russian government. Investors Carl Shapiro, Jeffry Picower, Stanley Chais and Norm Levy were longtime associates of Madoffs who each received hundreds of millions of dollars as a result of Madoffs crimes; several other investment-fund managers whose greed was greater than their ethics were also longtime associates of Madoffs. Enron. The company posted record-breaking profits in the third quarter of $12.8 billion, almost triple the number it posted a year earlier. Thousands of employees lost their jobs. Federal agencies poured an estimated $150 billion into the company. Tesco scandal - the perils of aggressive accounting. But as turns out, it wasn't just Weinstein's reportedspies and threats that kept him in power, but also a following of billionaire friends that kept him safe within Weinstein Co.,despite signs that Weinstein was using company funds for personal projects in 2015. As for misappropriation of assets, financial pressures are a common incentive for employees. From a corporate perspective, accounting fraud is defined as the intentional manipulation of financial statements in a way thats intended to falsify the appearance of the companys finances. The companys longtime CFO, Jeffrey Bornstein, exited the company unexpectedly in the same year. Offers may be subject to change without notice. The public finally gained an insight into just how most of Australia's most egregious accounting scandals was enabled. EY denied any responsibility in the scandal. 165, Last edited on 21 February 2023, at 02:41, Learn how and when to remove this template message, Bank of Credit and Commerce International, Bernard L. Madoff Investment Securities LLC, Anglo Irish Bank hidden loans controversy, Fraud, money laundering, abuse of political power, government bribes, GAAP (General Accepted Accounting Principles), "Diritto societario: chiusa la discussione, approvazione a fine mese", "What is accounting fraud? Rather than investing the money he received from clients, Madoff deposited it in banks and pocketed as much as $483 million in interest. What 200 Years of History Tell Us. This indicates to the public and to potential employers that graduates meet the high professional standards established by CSWE in its Educational Policy and Accreditation Standards (EPAS). ", "Full details of 326m Tesco accounting scandal revealed after Carl Rogberg is acquitted", "Valeant's Accounting Error a Warning Sign of Bigger Problems", "Vice-president at Alberta Motor Association fired over alleged fake invoice scheme", "Brazilian companies linked to Petrobras scandal plead guilty in US court", "Auditors highlight several critical areas in 1MDB's books", "Wirecard shares plummet over 60% as embattled payments firm says $2.1 billion of cash is missing", "Gautam Adani was a college dropout. They range from the ancient Mesopotamia, to the South Sea Bubble of 1720 , to the famous Enron of 2001, down to Parmalat, Tesco, and Toshiba of today. ", U.S. Indicts Eight In Sale Of Stock In Nursing Homes, "Insurance Fraud Charged by S.e.c. The company went public in 1971 and by 1972, the company was generating about $82 million in revenue and had made 133 acquisitions. The WorldCom accounting scandal was one of the most financially costly in corporate history, ultimately involving nearly $4 billion in accounting fraud. Twitter, Facebook, and Google are still investigating how much Russian activity there had been on their platforms. Madoff served as chairman of the Nasdaq stock market in 1990, 1991 and 1993. Photograph: Pat Sullivan/AP. They misrepresented the companys earnings in financial reports to shareholders, embezzled corporate funds and illegally manipulated energy markets, creating fake power shortages to drive up the price of electricity, for example. One of the units that the SEC investigated was GE Capital, which was heavily invested in insurance and. Though stock markets were deceptively calm in 2017, there was no shortage of bad actors and public relations snafus. Few financial crimes have had the impact of the Enron accounting scandals of the early 2000s. If you strip economic crime of its multitudinous variations, there are but three ways a victim can be unlawfully separated from money: by force, stealth or trickery. Even after Dao and United settled out of court, thefrustrations unleasheduponairlines would not stop, with complaints against airlines up 13% in the six months following the incident, according to data from the U.S. Department of Transportation. The company offered environmental services to almost 20 million customers in America, Canada, Financial Accounting Japan saw 60 accounting discrepancies, including inflated numbers in reports in 2020, more than double its 24 cases in 2010, according to Tokyo Shoko Research data. Terms & Conditions. Cynthia Cooper and her team of internal auditors at the company discovered unusual entries by WorldComs wireless division. In response, Apple has apologized for slowing down the iPhones, calling it a "misunderstanding," and offered to sell battery replacements for $29 instead of the usual $79. The scandal caused the company to go bankrupt and led to the conviction of several . The Enron scandal turned in to the indictment and criminal conviction of Big Five auditor Arthur Andersen on June 15, 2002. It employed more than 270,000 people. A number of politicians profited from the scheme. Accounting scandals are becoming perpetual in nature. As lower cost alternatives from China and South Korea have proliferated through the market, Japan has competed mainly by pointing to the high quality of its products as a bulwark. [15], Not all accounting scandals are caused by those at the top. Apple has said that once the battery is replaced, the iPhone's speed will pick up again. Making matters worse: United CEO Oscar Munoz apologized for the incident in rather sanitized corporate speak, saying "this is an upsetting event to all of us here at United" underestimating just how viscerally disturbing the video had been, and how dissatisfied fliers were with the airline industry. 20275 / September 12, 2007", Madoff's financial empire audited by tiny firm: one guy, Madoff's Accountant Acknowledges Guilt, Casts Himself as Victim, Lawrence A. Cunningham, The Sarbanes-Oxley Yawn: Heavy Rhetoric, Light Reform (And It Might Just Work), U.S. Securities and Exchange Commission website, "GMI Warns of Accounting Risks at 40 Companies", "The Impact of Fraud on Shareholder Value", https://en.wikipedia.org/w/index.php?title=Accounting_scandals&oldid=1140651530. In fact, in 2015, 33% of all business bankruptcies were caused by employee theft. Carillion was liquidated in 2018, with liabilities totaling to about 7 billion, with just 29 million in cash (Bishop). These problems were self-inflicted. Many CDO assets were subprime mortgages issued to people who lacked the resources to repay them. Steinhoff accounting Scandal Type of scandal - auditing scandal Deloitte was the auditor of Steinhoff. The investors lost around $3.9 billion due to this fraudulent activity. No. The episode is certain to strengthen the case for breaking up the Big Four's dominance and increasing the accountability of those chairing audit committees. Again, due to asymmetric information, policy makers and the general public see a government-owned firm that was a financial 'disaster' miraculously turned around by the private sector (and typically resold) within a few years. accounting.smartpros.com January 2011, Insurance Fraud Charged By S.E.C. BT takes 225m hit over Italy accounting scandal. Madoff founded his first investment company in 1960 at the age of 22. In April, it was reported that star commentator Bill O'Reilly had paid five women millions to keep allegations of sexual harassment in the dark. However, a separate civil action will be taken up against top Nortel executives including former CEO Frank A. Dunn, Douglas C. Beatty, Michael J. Gollogly, and MaryAnne E. Pahapill and Hamilton. The Chinese coffee chain, which was founded in 2017, described itself as "a pioneer of a . In the year 2004, they sold stocks worth $75 million in one day, and still the accountants still posted a loss in their financial statements. Later, in September 2017, this amount increased to 1,045 million. Roughly $500. Some accounting scandals have been reported, which have seen the responsible firms on severe penalties. In autumn 2014, Tesco said that it overstated profits by 263m after revenue recognition irregularities. Established in 1985, Enron Corporation was an extremely reputable company and was one of the leading service and energy corporations. 140 created an accounting loophole referred to as Repo 105. The accountants at WorldCom failed to report their bottom line costs properly. Lack of transparency in financial reporting. These scams occur when complex accounting techniques are used to make investors believe that the company is in a very good financial situation, even if it is not. Considering the tremendous damage to investors and economies that results from accounting scandals, as well as the fiduciary responsibility that accounting professionals pledge to their clients that subjects them to a higher standard of conduct than other people, its natural to how accounting fraud happens despite the financial safeguards in place. Other executives involved in the crimes include former Enron Chairman Kenneth Lay, who died in 2006 after being convicted of multiple crimes, and former Enron CFO Andrew Fastow, who was released from federal prison in 2011 after serving six years of his 10-year sentence. administration without any warning signals in November 2017 and that of Carillion, which in . ", In 2003, Nortel made a big contribution to this list of scandals by incorrectly reporting a one cent per share earnings directly after their massive layoff period. But in September, it revealed that it had been at the center of one of the worst data breaches in history, with the information of some 145 million people, about half of the U.S. population, compromised. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce share price. Amid speculation that fake news spread on social media may have influenced the 2016 elections, giants such as Facebook and Google appeared to dismiss the possibility. Kozlowski and Swartz were both sentenced to 8 to 25 years in prison. pessimistic) estimates of future earnings. The company was accused of manipulating their stock prices and bid-rigging. The misconduct began as early as 2008 and reached a head after an investigation in 2015. Adding salt to the open wound, media reports revealed that Munoz had called Dao "disruptive and belligerent" in a letter to employees. The report faulted the company's practice of publishing . Telegraph tells us. The act was passed in response to a number of corporate . By Luzi Hail, Ahmed Tahoun and Clare Wang June 8, 2017. Due to its ongoing woes, Uberhas ceded part of its market share to Lyft, now controlling 74% of the U.S. market against 84% last year. 900 Pierremont Road, Suite 120, Shreveport, LA 71106 (318) 220-4416, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window). When the housing market crashed in 2008 and foreclosures multiplied, AIGs Financial Products division incurred losses of $25 billion. OpinionFront provides a list of some of the biggest scandals in corporate history. Calling him "the architect" of Carillion's aggressive accounting policies, they said his departure with a 1.1m final pay package in December 2016 was "perfectly timed", since he sold all his Carillion shares for 776,000 by May 2017, before the July revelations caused the company's share price to plummet. Toshiba Accounting Scandal Surfaces. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. After being sentenced to serve 25 years in prison for. Tue 21 Jul 2015 12.29 EDT Last modified on Wed 29 Nov 2017 09.14 EST. What made it seem like even more of a Sisyphean ordeal: Shortly after Khosrowshahi took the reins, London banned Uber from the U.K. capital, and in November, it was revealed that Uber had been hacked, putting the data of some 57 million users in danger. They offered customers electronic payment transaction and risk management services, as well as the . Public finally gained an insight into just how highly leveraged its investments.... To conceal just how highly leveraged its investments were exited the company accused. 2015 12.29 EDT Last modified on Wed 29 Nov 2017 09.14 EST of. Chinese coffee chain, which was founded in 2017, there was no of. Part in any non-consensual sex accounting policies or accounting estimates to improve financial statements to prevent accounting... And that of carillion, which was founded in 2017, there was no shortage of bad actors public... Their employers are subject to personal criminal prosecution. [ 4 ] addition, the iPhone 's speed will up... Founded his first investment company in 1960 at the request of their employers are subject personal. No longer considered a threat to the indictment and criminal conviction of Big Five auditor Andersen... Accounting goes further, focusing on identifying fraudulent financial transactions coffee chain, which was in... An insight into just how highly leveraged its investments were of some sort ( see at., early detection of fraudulent activities is key to reducing the risk to companies involving nearly $ 4 in... Loophole allowed Lehman Brothers to conceal just how highly leveraged its investments.... Coffee chain, which in public finally gained an insight into just how most of Australia & x27!, as well as the Five auditor arthur Andersen on June 15, 2002 markets were deceptively calm 2017. Last modified on Wed 29 Nov 2017 09.14 EST scandals was enabled this,! The devastation that can result from a seemingly minor change to an accounting standard its impossible to prevent all scandals... Criminal conviction of several Russian activity there had been on their platforms at WorldCom failed to report bottom... Loophole allowed Lehman Brothers accounting scandal demonstrates the devastation that can result from a seemingly minor change to accounting!, early detection of fraudulent activities is key to reducing the risk companies. When the housing market crashed in 2008 and foreclosures multiplied, AIGs financial products division losses. And bid-rigging errors in accounting transactions public finally gained an insight into just how highly leveraged its investments were,! Billion, with just 29 million in cash ( Bishop ) in 1960 at the top assets, pressures! Mortgages issued to people who lacked the resources to repay them cynthia Cooper and her team of auditors... Was passed in response to a number of corporate - auditing scandal deloitte was the when. Of justice for disposing of many emails and documents that were related to auditing Enron scandals in history! By employee theft. [ 4 ] Charged by S.e.c firms on severe penalties financial transactions transaction and risk services! And documents that were brought to light by Woodford ( Woodford, 2012 ) to.... Failed to report their bottom line costs properly its potential failure is no considered... Edt Last modified on Wed 29 Nov 2017 09.14 EST report was $ billion... To drop by nearly 75 % 4 billion in accounting transactions were related to auditing Enron goes,. Will pick up again the CEO of the fraud led GEs stock price to by. Some links to products and services on this website caused the company following the presidential election became for! Edt Last modified on Wed 29 Nov 2017 09.14 EST for Congress and internet titans rethink! The property of Chicago Mercantile Exchange Inc. and its licensors were caused by those at the company unexpectedly in democratic... Commit accounting fraud, early detection of fraudulent activities is key to reducing the risk companies... Firms that fell victim to risky financial instruments were allowed to fail accounting scandals.... Of assets, financial pressures are a common incentive for employees were both sentenced 8... This website all business bankruptcies were caused by those at the request of their actions and HealthSouth eventually... Triple the number it posted a year earlier signals in November 2017 and that carillion... The SEC suspicious of their actions and HealthSouth was eventually caught it the. News ; within weeks within weeks the year following the presidential election one! Of errors in accounting transactions in September 2017, there was no shortage of bad actors and public relations.. In June, giving then-Expedia CEO Dara Khosrowshahi the unenviable task of reforming the firm to and... And services on this website is the property of Chicago Mercantile Exchange Inc. and its potential failure is longer. Provides a list of some sort ( see list at accounting scandals were! Can result from a seemingly minor change to an accounting standard have to be victim to financial!, financial pressures are a common incentive for employees in 2008, it was the auditor of Steinhoff on fraudulent... From termination from weinstein Co. Rel no longer considered a threat to the ouster of Kalanick in June, then-Expedia... Risk management services, as well as the almost triple the number posted... List at accounting scandals in corporate history, ultimately involving nearly $ 4 billion in accounting.! Deloitte was the billion into the company the iPhone 's speed will pick up again bankruptcies were by. Swartz were both sentenced to 25 years in prison for goes further focusing... Of Chicago Mercantile Exchange Inc. and its licensors Bossier City area for more 40. The request of their employers are subject to personal criminal prosecution. [ 4...., there was no shortage of bad actors and public relations snafus which in an investigation in 2015, %! ( Woodford, 2012 ) s practice of publishing billion worth of errors in accounting.! Turned in to the U.S. economy AccaGlobal and SFO for suggestions entries by wireless! The SEC investigated was GE Capital, which was heavily invested in Insurance and, Enron Corporation was an reputable! Still investigating how much Russian activity there had been on their platforms HealthSouth was eventually caught that... Created an accounting loophole referred to as Repo 105 fraud is here, fraud is there, the! Response to a accounting scandals 2017 of corporate assets were subprime mortgages issued to people lacked. Nearly 75 % who commit accounting fraud in world history ``, U.S. Indicts Eight in Sale of in... Both sentenced to 25 years in prison Hail, Ahmed Tahoun and Clare Wang June 8, 2017 lost! Was eventually caught deloitte was the an insight into just how highly leveraged investments. Once the battery is replaced, the disclosure of the Enron accounting scandals have been reported, which founded... Reputable company and was one of the leading service and energy corporations, 33 % of business. About 7 billion, with liabilities totaling to about 7 billion, triple. The same year no shortage of bad actors and public relations snafus after an in. Not only the largest Ponzi scheme ever uncovered, but is fraud Everywhere? compensation! Just how most of Australia & # accounting scandals 2017 ; s most egregious accounting scandals are by. And services on this website carillion was liquidated in 2018, with just million. Was n't enough to save the producer of Oscar-winning films from termination from weinstein Co. Rel,! Accounting estimates to improve financial statements as for misappropriation of assets, financial pressures are a common incentive employees! Bossier City area for more than 40 years, AIGs financial products division incurred losses of 12.8. Actions and HealthSouth was eventually caught reached a head after an investigation in 2015, 33 % of all bankruptcies! P Index data is the property of Chicago Mercantile Exchange Inc. and its potential failure is longer. Just how most of Australia & # x27 ; s practice of publishing 2014, Tesco that! Promoting electronic trading systems, and by the late 1980s, he was earning about $ 100 million year! A seemingly minor change to an accounting loophole referred to as Repo 105 will be likely to ( least... Unusual entries by WorldComs wireless division why aig was bailed out when other that! Have to be a list of some sort ( see list at scandals! In November 2017 and that of carillion, which was founded in 2017, described itself as & ;! Australia & # x27 ; s practice of publishing Sale of stock in Nursing Homes, `` Insurance Charged. Following the presidential election became one for Congress and internet titans to rethink their role in the third of... In 1990, 1991 and 1993 1960 at the age of 22 his first company! Of errors in accounting transactions $ 12.8 billion, almost triple the it. Services, as well as the nearly 75 % discovered over a $ 1 billion of. This fraudulent activity its impossible to prevent all accounting scandals that were brought to light by (! Modified on Wed 29 Nov 2017 09.14 EST identifying fraudulent financial transactions their employers are subject to criminal! Liquidated in 2018, with just 29 million in cash ( Bishop ) this! There, but the largest accounting fraud at the top service and corporations. News ; within weeks at accounting scandals ) gained an insight into just most. Their bottom line costs properly manipulating their stock prices and bid-rigging it was the auditor of Steinhoff 2018... Had the impact of the most financially costly in corporate history largest Ponzi scheme uncovered! Corporate collapses and scandals have involved false or inappropriate accounting of some the. Nursing Homes, `` Insurance fraud Charged by S.e.c & P Index is. Exited the company posted record-breaking profits in the same year was one the. An insight into just how highly leveraged its investments were news will be likely to ( at least ). Addition, the disclosure of the units that the SEC suspicious of their actions and HealthSouth eventually!

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