An in-depth analysis of the 2003 Freddie Mac accounting scandal where the US Federal Home Loan Mortgage Corporation fraudulently misstated billions of dollars in earnings to meet Wall Street's expectations.
Lapping is a fraudulent accounting practice in which an employee conceals a shortage of cash by delaying the recording of cash receipts, often involving the use of subsequent receipts to cover earlier thefts.
Round tripping refers to various practices where a company engages in transactions that ultimately return to their point of origin, often with manipulative intent. This can include selling and rebuying assets or borrowing and lending money, typically for purposes like money laundering, tax evasion, or inflating financial figures.
Teeming and lading, often seen as just 'teeming and lading,' is an accounting fraud method where receipts or payments are delayed in recording to cover up cash shortages caused by theft or employee fraud.
The Waste Management scandal was an egregious example of accounting fraud in which top executives manipulated financial statements to meet earnings targets. Spanning over five years from 1992 to 1997, this deceitful practice was eventually uncovered, resulting in significant financial restatements and legal consequences for both the company and its auditors.
An in-depth exploration of the WorldCom scandal, one of the largest accounting fraud cases in history, which involved significant financial manipulations leading to inflated profits and assets.
