Accounting fraud

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.

The sofamaker agreed to pay $1.5 million to the SEC to settle allegations that two former executives devised a fraudulent accounting scheme to meet a key Wall Street metric.

Ben la Grange, whose official sentence is 10 years, won some leniency for cooperating with investigators.

The company was hit with a $24 million penalty as a result of an accounting scheme designed to inflate earnings.