Nine Years Later, Some Closure In Fraud Case
from the the-more-things-change... dept
With all of last year’s accounting scandals, some people seem to think that this is something “new”. However, unfortunately, companies have been doing similar scams for years and years. Nearly a decade ago, there was a similar story with a company named Media Vision in Silicon Valley that made computer components like sound cards and CD-ROM kits. When business wasn’t growing as quickly as the CEO expected, he started to lie about revenue, hide returns, lie to auditors, and all sorts of other scams. This was all uncovered in 1994, but the former CEO is just going to jail now, and is unlikely to pay back most of the money he stole (he’s now broke). With all the hype about how company’s are going to be cleaned up now, does anyone really believe we won’t be reading about another series of similar corporate scandals a decade from now?