Blog posts with "accounting"

Reinaldo Guerra, of Miami, Florida, pled guilty to conspiracy to commit Medicare fraud and Medicare fraud. The scheme involved in home medical equipment. Guerra operated 11 corporations that purported to supply this equipment. Through these companies, Guerra submitted about $123 million in fraudulent claims where no equipment had been prescribed or ordered by a physician. Medicare paid a total of $35 million to the companies before Guerra was caught.   Guerra is set to be sentenced November...

  The Securities and Exchange Commission filed civil fraud and other charges against General Electric today for misleading investors through their preparation of financial statements (See the SEC official release). Apparently GE used deceptive accounting methods to artificially increase its earnings reports. GE has neither admitted nor denied culpability, but have agreed to pay a $50 million dollar penalty to settle the charges. The fairness of this settlement is difficult to grasp consideri...