What are the top 10 financial scandals that rocked the business world this year?

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As an AI language model, I don’t have real-time data. However, here are 10 major financial scandals from recent years that had a significant impact on the business world. Please note that these scandals may not be specific to this year:

1. 1MDB Scandal (2015-present): The 1Malaysia Development Berhad scandal involved misappropriation of funds amounting to billions of dollars, implicating former Malaysian Prime Minister Najib Razak and other high-ranking officials.

2. Wells Fargo Account Fraud Scandal (2016): Wells Fargo faced scrutiny after it was revealed that employees opened unauthorized bank accounts and credit cards to meet sales targets, affecting millions of customers.

3. Volkswagen Emission Scandal (2015): Volkswagen admitted to having installed software in their diesel vehicles to manipulate emission tests, resulting in heavy fines, lawsuits, and damage to the company’s reputation globally.

4. Olympus Accounting Scandal (2011): Olympus, a Japanese electronics company, admitted to hiding losses totaling $1.7 billion. This scandal exposed widespread accounting irregularities and led to the resignation of top executives.

5. Enron Scandal (2001): Enron’s collapse remains one of the most infamous financial scandals. The energy company employed accounting loopholes and special purpose entities to conceal debt, leading to bankruptcy and criminal convictions.

6. Bernie Madoff Ponzi Scheme (2008): Bernie Madoff orchestrated one of the largest and most notorious Ponzi schemes in history, defrauding investors out of billions of dollars. He was sentenced to 150 years in prison.

7. WorldCom Accounting Scandal (2002): WorldCom, a telecommunications company, concealed expenses worth $3.8 billion, leading to bankruptcy and the company’s downfall. Executives were implicated, and it became one of the largest accounting scandals in history.

8. Lehman Brothers Bankruptcy (2008): Lehman Brothers, a global investment bank, filed for bankruptcy under the weight of massive subprime mortgage losses, triggering the global financial crisis.

9. Wirecard Accounting Scandal (2020): Wirecard, a German payment processor, filed for insolvency amidst revelations of a $2.1 billion accounting scandal, involving false reporting and missing funds from its balance sheet.

10. Toshiba Accounting Scandal (2015): Toshiba admitted to overstating profits by $1.2 billion over several years, leading to significant management changes and a loss of confidence in one of Japan’s most prominent companies.

Remember, this list is not specific to this year, but it includes some of the most significant financial scandals in recent memory.

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