HPL CEO Fired For Making Up Most Of The Company's Revenue
from the maybe-he-misplaced-a-decimal-point dept
Well, here comes yet another financial scandal from a tech company. This one is a much smaller company than the big newsmakers these days, but the theft seems a bit more brazen. Semiconductor software maker HPL fired their CEO after it turned out that he simply made up $11 million out of $13.7 million the company supposedly booked last quarter. While it wouldn’t be such a surprise (unfortunately) to find out another exec had cooked the books by doing some underhanded accounting, this appears to be just flat-out made up cash. The article quotes a bunch of accounting experts who say this goes well beyond the your typical shady accounting deals, and pushes its way into outright criminal behavior.