Waste Management Inc. Fraud
Waste Management Inc. Fraud
I. BRIEF HISTORY Waste Management Inc is a company in North America that provides waste and environmental services. This company was founded by Larry Beck in 1894. The company 's operations also involved managing air and gas, environmental and groundwater protection as well as environmental engineering. By 1971, the company became more public after the 133 acquisitions and the $82M in revenue that were made and soon became the largest waste hauler in the country. This Company offered environmental services to almost 20 million customers in America, Canada as well as Puerto Rico. Waste Management soon took the position of becoming "North America’s largest residential recycler." It was able to handle and manage more than 8.5 million tons of materials. These "materials" included plastic, metal, glass, electronics and paper at 128 different facilities Those involved in the fraud had absolute power and control over all of Waste Management Inc.’s operations including the founder, chief executive officer & chairman of the board Dean L. Buntrock, Phillip B. Rooney, president, director, chief operating officer & chief executive officer for a brief period, James E. Koenig, executive vice president and chief executive officer, Thomas C. Hau, vice president, corporate controller & chief financial officer, Herbert Getz, senior vice president general council, & secretary, and Bruce D. Tobecksen, vice president of finance (sec.gov, 2002). Together and with the help of Waste Management Inc.’s auditing partner, Arthur Andersen there was no means to stop or detect the fraud. The 6 men had all took part and played a role in creating this financial fraud which lasted for more than 5 years. "For years, these defendants cooked the books, enriched themselves, preserved their jobs, and duped unsuspecting shareholders", said Thomas C. Newkirk who was the associate director of the SEC 's Division of Enforcement. According to the
I. BRIEF HISTORY Waste Management Inc is a company in North America that provides waste and environmental services. This company was founded by Larry Beck in 1894. The company 's operations also involved managing air and gas, environmental and groundwater protection as well as environmental engineering. By 1971, the company became more public after the 133 acquisitions and the $82M in revenue that were made and soon became the largest waste hauler in the country. This Company offered environmental services to almost 20 million customers in America, Canada as well as Puerto Rico. Waste Management soon took the position of becoming "North America’s largest residential recycler." It was able to handle and manage more than 8.5 million tons of materials. These "materials" included plastic, metal, glass, electronics and paper at 128 different facilities Those involved in the fraud had absolute power and control over all of Waste Management Inc.’s operations including the founder, chief executive officer & chairman of the board Dean L. Buntrock, Phillip B. Rooney, president, director, chief operating officer & chief executive officer for a brief period, James E. Koenig, executive vice president and chief executive officer, Thomas C. Hau, vice president, corporate controller & chief financial officer, Herbert Getz, senior vice president general council, & secretary, and Bruce D. Tobecksen, vice president of finance (sec.gov, 2002). Together and with the help of Waste Management Inc.’s auditing partner, Arthur Andersen there was no means to stop or detect the fraud. The 6 men had all took part and played a role in creating this financial fraud which lasted for more than 5 years. "For years, these defendants cooked the books, enriched themselves, preserved their jobs, and duped unsuspecting shareholders", said Thomas C. Newkirk who was the associate director of the SEC 's Division of Enforcement. According to the
Bibliography: Sec.gov, (2002, March). Litigation release no. 17435. Retrieved 12/15/10 from: http://www.sec.gov/litigation/litreleases/1r17435.htm