Paper #2.docx - ACC350-OA Paper#2 WeatherFord Fined $140M...

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ACC350-OA Paper #2 “WeatherFord Fined $140M for Accounting Fraud” By: Matthew Heller September 27, 2016 “WeatherFord Denied its investors accurate and reliable financial reporting allowed two executives to choose their own numbers when the actual financial results fell short of what was previously disclosed to analysts and the public”-Andrew Ceresney, the director of the SEC Enforcement Division Stated in a new Release. Weatheford was involves in a tax scheme that was created by their former Vice President of Tax, James Hudgins, and the Former Tax Manager, Darryl Kitay. They achieved this by altering the financial statements for a total of four fiscal years by falsely lowering the year end provisions for income taxes that range from $100 million to $154 Million for four years. When this happened, James Hudgins, the architect of its tax avoidance strategies (Vice President of Tax), received a relatively large bonus for the year end of 2010. To settle the charges brought upon the company for fraud Financial Statements,
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