Corporate Fraud Has Taken The World By Storm For Over The Past Decade

1479 Words Jun 6th, 2016 6 Pages
Corporate Fraud
Introduction
Overview Corporate fraud has taken the world by storm for over the past decade. The biggest fraud cases to ever occur happened in 2001 and 2002 and since then fraud seems to be more and more common around the world. According to Forbes.com (n.d) the biggest fraud cases to ever occur was Enron, Bernard Madoff, Lehman Brothers, and Cendant, with Enron being the largest accounting scandal to ever take place. Prior to Enron’s fraud scandal coming to light in 2001, they were the seventh largest company in the United States by revenue, this was the same year Enron filed bankruptcy (da Silveira, 2013, p. 315). In addition to being one of the largest companies, Enron received numerous awards for their positive business role. Enron received the award for being the most innovative company from Fortunes magazine, ranking Enron as one of the most admired companies. Enron received this award six year in a row by the year 2000 (da Silveira, p. 316). Furthermore, in 2001, Enron was noted on the United States list of being the largest company of the top 50 fastest growing companies (da Silveira, p. 316). Not only did Enron receive awards as a company, but their Chief Finance Officer (CFO), Andrew Fastow also received the award as the most creative CFO from CFO Magazine in 1999 (da Silveira, p. 316). According to da Silveira, Enron was considered a high-profile company and viewed as a role-model company by other stock analysis, investment analysts,…
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