Business Services Industry
U.S. SEC Accuses Parmalat of Brazen Fraud.
Knight Ridder/Tribune Business News, December, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Dec. 30--Italy's Parmalat was accused of "one of the largest and most brazen corporate financial frauds in history" by the US Securities and Exchange Commission as its founder Calisto Tanzi told Italian investigators the hole in its accounts might be as large as UKpound 5.6 billion.
He said he had also moved UKpound 350 million into other firms including Parmatour, a travel firm run by his daughter. Investigators questioned Tanzi's son Stefano and other family members.
In a complaint filed in a New York federal court, the SEC said the dairy group had cheated prospective bond investors by inflating its assets by billions of dollars. Ominously for auditors, the SEC said the inflated...
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