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Article: Ex-Waste Management officials sued by SEC
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- March 27, 2002
- Author:
CopyrightCopyright 2002 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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Ex-Waste Management officials sued by SEC
By GREG TOPPO Associated Press
Wednesday, March 27, 2002
Washington -- A half-dozen former executives of Waste Management
Inc. were accused Tuesday of inflating earnings by $1.7 billion as
part of an accounting fraud scheme designed to enrich themselves and
dupe shareholders.
Embattled auditing firm Arthur Andersen LLP helped perpetrate the
scheme, identifying 32 "must-do" steps to cover it up, the Securities
and Exchange Commission said.
Waste Management's founder and five other former top officers were
named in the lawsuit. SEC officials alleged the executives engaged in
"massive earnings management fraud" from 1992 to 1997 that ultimately
cost ...