Nortel Scandal.docx - Nortel Scandal Before the scandal Nortel Networks was a Canadian multinational telecommunications that provided many companies

Nortel Scandal.docx - Nortel Scandal Before the scandal...

This preview shows page 1 - 2 out of 4 pages.

Nortel Scandal Before the scandal, Nortel Networks was a Canadian multinational telecommunications that provided many companies with equipment and devices needed to run their companies. Nortel employed nearly 100,000 people worldwide and was one of the largest companies in Canada. What was the scandal? The Nortel Scandal actually composed of several frauds and alterations of financial statements that clumped together to form a larger entity. The scandal composed of recognizing revenue earlier than they were allowed, modifying and stowing away assets. Later, when the company experienced a loss, the stowed-away funds were taken out, which gave 12.8 million dollars to the perpetrators. Who was involved? The main perpetrators involved in the Nortel Scandal was the then Chief Executive Officer Frank Dunn, Chief Financial Officer Douglas Beatty and controller Michael Gollogly. The scandal resulted in the layoff of nearly 55,000 employers. Multiple auditors that went to check the company’s financial statements out were also paid off to not report the problems with the company.
Image of page 1
Image of page 2

You've reached the end of your free preview.

Want to read all 4 pages?

  • Winter '11
  • Unkown
  • Matching Principle, Generally Accepted Accounting Principles, Nortel Networks, Nortel Scandal

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors