Corporate fraud is a serious offense that can have huge ramifications on society, clients and the business or organization itself. There have been famous cases of corporate scam that resulted in gigantic financial losses for firms, loss of their reputation and costly legal battles. Famous ethical scandals include: Enron, Arthur Andersen, Lehman Brothers, AIG, Barings Bank, etc. Lehman Brothers was involved in a scandalous ethical scheme and was bound to file Chapter 11 bankruptcy after its loan extension request was denied. The bankruptcy of Lehman Brothers was a shock to the economy and financial markets in the US. It was the ...
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