It would seem in the greater fraud world, companies continue to fail to read memos from The Man From FCPA. U.K. telecom giant BT is currently reeling from a fraud scandal involving its Italian business unit. Last fall, the company reported it was taking a £145 million charge related to “inappropriate management behavior,” which caused “historic accounting errors in the business unit. However the company’s outside auditors recently have pegged the losses at £530 million. (There is a technical legal term for this discrepancy; it is called oops.) The company has lost nearly £8 billion in value since the scandal was announced.
