In Order to pursue his dream‚ Richard Scrushy wanted to build a better future for him and his wife. After graduating from the University of Alabama‚ he obtained an entry level job at Life-mark Corp. Scurshy started from the bottom and climbed his way up to success. In 1984‚ Scrushy found HealthSouth‚ to providing a healthcare services for senior citizen and athlete. Soon after it opened it‚ started to attract costumers including famous athletes. Scrushy to become one of the most successful
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200‚ Birmingham‚ Alabama 35243. The company employs around 26‚000 people. The company is listed as an Industry Healthcare Facilities. The symbol used by HealthSouth is HLS. The SIC code is 8060-Hospitals. (http://investor.healthsouth.com/) Richard Scrushy the founder of HealthSouth was at one time described by Steve Barnes of the AP as a self-made son of the new South‚ a former teenage parent who hauled himself up from a menial job to become the emperor of the new economy. The problem was that
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damages of the scandal. On March 19th 2003‚ the Securities and Exchange Commission filed civil fraud charges against HealthSouth and CEO and Chairman Richard Scrushy of “allegedly duping investors into believing the company had met earnings targets” (washintonpost.com staff‚ 2004). The SEC’s complaint “alleges that since 1999‚ at the insistence of Scrushy‚ HealthSouth systematically overstated its earnings by at least $1.4 billion in order to meet or exceed Wall Street earnings expectations. The false
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competitors at all the times. Such cases happened in the past with several companies such as Enron‚ WorldCom and others. In such scandals‚ the CEOs were accused of conducting illegal actions and unethical behaviors. Health South: The Scrushy Way Richard M. Scrushy‚ the former CEO of HealthSouth Corporation which owns a chain of hospitals and clinics‚ benefitted from some of the most well known celebrities that were associated with HealthSouth organization. The former CEO used the celebrities’ fame
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garnered the attention of Wall Street and millions of investors. However‚ the attention was because the iconic HealthSouth was involved in one of the largest accounting fraud scandals in United States history. HealthSouth’s founder and CEO‚ Richard M. Scrushy‚ was also the inventor of the entire scheme that defrauded the government and private investor out of $2.5 billion dollars. The HealthSouth scandal provides a look at several different legal cases involving civil and criminal charges‚ as well
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.. ..................12 4.1 Red Flags .................................................................................................. .......12 5 PENALTIES FOR FRAUD............................. ................................13 5.1 Richard Scrushy............................................. ..............................13 5.2 Chief Financial Officers Charges..................................... ...............13 6 AUDITOR’S ROLE IN FRAUD................................. ..........
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where he meets Richard Scrushy who wastes no time on sizing up Aaron Beam. However‚ Life Mart is acquired a couple years later jeopardizing the employment of Aaron Beam‚ however‚ venture capitalists ask if anyone has a company idea to start up and Richard Scrushy’s name is thrown out. Richard Scrushy proposes to Aaron Beam to be his partner in starting up South Health; two years later‚ South Health becomes a publicly traded company. Since their wealth is tied to the stock price‚ Scrushy is constantly
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Greed and Corporate Governance During the 1990s‚ Richard M. Scrushy‚ the former CEO of HealthSouth Corporation‚ engineered many acquisitions of rehabilitation clinics‚ outpatient surgical care operators‚ nursing homes and other health care companies. In 2003‚ the Securities and Exchange Commission (SEC) accused the company and Scrushy of inflating earnings to the tune of $1.4 billion since 1999. In November 2003‚ a federal grand jury indicted Scrushy on 85 counts including conspiracy‚ securities fraud
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HEALTHSOUTH: THE RISE AND FALL HealthSouth: The Rise And Fall Abstract Richard Scrushy (Scrushy) had a vision and was driven by his leadership and entrepreneurial abilities. Scrushy was the mastermind and major creator of HealthSouth Corporation (HealthSouth). Scrushy served as chairman and Chief Executive Officer (CEO) of the corporation for more than 20 years. A Biographical Sketch: Richard Scrushy and HealthSouth. Retrieved March 22‚ 2005‚ from the World Wide Web: http://www.richardscrushy
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During the 1990s‚ Richard Scrushy‚ the former CEO of HealthSouth Corporation‚ plotted many acquisitions of rehabilitation clinics‚ nursing homes‚ outpatient surgical care operators‚ and other health care companies. Early 2003‚ the Securities and Exchange Commission (SEC) accused the company and Scrushy of boosting earnings to of $1.4 billion since 1999. In November 2003‚ a federal grand jury indicted Scrushy on 85 counts including conspiracy‚ securities fraud‚ money laundering and charges related
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