Company Frauds So Terrible You Won’t Believe They Actually Happened

Waste Management Gets Taken To The Curb

Michael Stuparyk/Toronto Star via Getty Images

Beginning in 1992 and continuing until 1997, the senior officers of Waste Management engaged in some of the worst fraud the decade. Fraudulent acts of the company included lying about vehicle (garbage trucks) depreciation yearly, as well and lying about the decrease in values of landfills.

Overall, Waste Management had to restate their earnings for the five year period by a whopping $1.7 billion! The scandal, as it is known today is called the Waste Management, Inc. 1998 Fraud Scandal. As a penalty, the company had to pay shareholders $457 million. The company’s auditor, Arthur Andersen, was also fined $7 million for his part in the scandal.

At least he didn’t go to prison like our next CEO!