Accounting fraud

As the odds of a downturn climb, one expert warns that it may result in the uncovering of so-far undetected fraud schemes.

The department-store operator tied executives' cash bonuses to an earnings metric that turned out to be overstated by around $81 million in 2023.

The move comes after ADM adjusted years of financial results due to errors in the way it reported transactions between business units.

Carvana was accused by short-seller Hindenburg Research of impropriety in a report alleging the auto retailer's subprime loan portfolio carries substantial risk.

It's been almost a year since Archer-Daniels-Midland Co. disclosed a probe into its accounting practices that wiped out $12 billion.

The retailer said the incident involved only one former employee, who had hidden as much as $154 million of delivery expenses since 2021.

An employee "intentionally" made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses stretching over multiple years.

The move follows an accounting scandal that has wiped out billions of dollars in market value and drawn investigations by the DOJ and SEC.

The server maker has seen more than $50 billion of its market value wiped out over concerns about its accounting.

The resignation comes after Department of Justice launched a probe into an ex-employee's claims that Super Micro violated accounting rules.