Tagged: Accounting fraud

The SEC’s Return to Accounting Fraud Enforcement

Just like the ups and downs of the business cycle, SEC enforcement of accounting fraud cases follow an up and down trend as well. For example, during the financial crisis, SEC enforcement of accounting fraud cases took a back seat to enforcement actions surrounding disclosure and conflicts of interest in relation to the financial meltdown. The SEC, in the last two years, has returned to...

The Demise of Valeant Pharmaceuticals: A Case Study in Rotten Culture and Business Ethics

Showing my age again, Woody Allen’s Take the Money and Run included a hilarious scene when Woody’s parents wearing Groucho Marx glasses talk about their criminal son (Woody/Virgil Starkwell), his dad exclaimed “He’s rotten, he is a gangster.”  See clip here. Well, the story of Valeant Pharmaceuticals is a familiar one of corporate greed and misconduct, based on a “rotten” tone at the top and...