Distributed Denial of Service (DDOS) attacks have been wreaking havoc with e-commerce sites. These attacks bombard sites with so much internet traffic, that their regular customers cannot get through to do business with them. Hackers get into computers and turn […]
The tax preparation company of H&R Block Inc. has incorrectly calculated its own state taxes. A mistake in calculating its state effective income tax rate means that the company owes $32 million in back taxes that go back to 2004. […]
Four KPMG (and former KPMG) partners have agreed to SEC fines for their failure to detect a multi-billion dollar accounting fraud at Xerox Corp. Two of the four will pay the SEC $150,000 each, the largest fines ever imposed against […]
Every year, taxpayers lose refunds they’re entitled to because they haven’t filed tax returns. Currently, the IRS owes over $2 billion to 1.7 million people for the tax year of 2002. But they can’t get the refunds unless they file […]
At least three lawsuits have been filed against McDonald’s Corp. over ingredients in its french fries. McDonald’s website previous indicated that the french fries were free of gluten and milk or wheat allergens. The site now states “contains wheat and […]
Merrill Lynch & Co. Inc. will pay $164 million to settle 23 class action suits related to it cover of internet companies. It was alleged that during the dot com boom, Merrill Lynch analysts had conflicts of interests and gave […]
The Securities and Exchange Commission has alleged that two KPMG auditors, Kevin Hill and Rosemary Meyer, ignored fraud red flags during their audit of U.S. Foodservice Inc., a subsidiary of Ahold NV. It is further alleged that the auditors violated […]
Steven E. Whiting, the former owner of Badger Die Casting, Inc. was sentenced today to 90 months in federal prison. He will also serve three years on supervised release and pay $921,000 in restitution. Whiting was convicted by a jury […]
The former CEO of Enron Broadband Services, Kenneth Rice, has testified that Jeffrey Skilling wanted him to mislead Enron’s board of directors. At a meeting between Rice and Skilling (former head of Enron) in May 2001, Skilling suggested that Rice […]
The chief executive officer of RadioShack Corp., David Edmondson, lied about his academic credentials. The quote from him is that he “clearly misstated my academic record.” Edmondson previously represented that he had a bachelor of science degree, but is now […]
