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Article: HealthSouth charged with $1.4B fraud.
- Article from:
- United Press International
- Article date:
- March 20, 2003
CopyrightCOPYRIGHT 2003 United Press International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON, Mar 19, 2003 (United Press International via COMTEX)
The government charged HealthSouth Corp. and Richard M. Scrushy with civil accounting fraud Wednesday, accusing the nation's largest for-profit hospital chain and its chairman and chief executive officer of overstating its earnings by $1.4 billion since 1999.
In a complaint filed in federal court in Birmingham, Ala., the Securities and Exchange Commission alleged that at the insistence of Scrushy, the company overstated its earnings in order to meet or exceed Wall Street earnings expectations.
The company's assets were overstated by at least $800 million -- or 10 percent -- by the ...