The Securities and Exchange Commission has won the court battle over the first billion-dollar financial fraud it ever tackled, a case filed against the former chief financial officer of Waste Management Inc. back in March 2002.
Accounting scandals at WorldCom Inc. and Enron Corp. have since dwarfed the estimated $6 billion that civil fraud and securities violations at the country's largest trash hauler cost investors. However, when the SEC filed the charges more than four years ago, it was the biggest case ever brought by the agency.
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