Tag

Financial Manipulation

All articles tagged with #financial manipulation

sports2 years ago

Mary Jo White's Report: Blueprint for Potential Criminal Prosecution of Dan Snyder

Mary Jo White's report on the Washington Commanders' financial manipulation provides a potential blueprint for state or federal prosecution of owner Daniel Snyder. The report found that the team intentionally manipulated financial records to minimize revenue sharing with other NFL teams, violating league rules. The report contains numerous references to the deliberate underreporting of shareable revenue and the creation of a second set of books. Snyder's involvement and knowledge of these schemes were also highlighted. The report suggests that Snyder could face legal complications beyond the $60 million fine imposed by the NFL, with potential criminal charges under Maryland, Virginia, or federal law. The report provides a clear case for aggressive prosecution, potentially uncovering at least $11 million and possibly up to $44 million in fraud.

business2 years ago

Austal USA Executives Indicted for Accounting Fraud

Australian shipbuilder Austal's stock sank by 8.4% after the US Department of Justice indicted three of its former US employees for manipulating financial information. The US Securities and Exchange Commission has also filed civil charges against the individuals. The charges relate to the manipulation of an accounting metric, estimate at completion, in relation to multiple littoral combat ships that Austal was building for the US Navy. Austal has settled an investigation by Australia's securities regulator and conducted its own investigation into the matter, which resulted in the resignation of the president of Austal USA.