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- February 2024
- Course Overview Note
The Anatomy of Fraud
By: Jonas Heese
Corporate fraud remains a serious problem. Learning how to detect and prevent it, and make better investment decisions, has broad applicability for private and public market investors, as well as for people joining or running companies. This course note describes a...
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Heese, Jonas. "The Anatomy of Fraud." Harvard Business School Course Overview Note 124-076, February 2024.
- January 2024
- Case
Post-Wirecard: BaFin under Mark Branson
By: Jonas Heese, Carlota Moniz and Daniela Beyersdorfer
In November 2023, Mark Branson, the head of Germany's Federal Financial Supervisory Authority (BaFin), reflected on the efficacy of the reforms initiated since the Wirecard scandal. BaFin had been discredited after Wirecard’s downfall in 2020. The press had derided it...
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Keywords:
Accounting;
Crime and Corruption;
Governing Rules, Regulations, and Reforms;
Government Administration;
Failure;
Trust;
Financial Services Industry;
Public Administration Industry;
Germany
Heese, Jonas, Carlota Moniz, and Daniela Beyersdorfer. "Post-Wirecard: BaFin under Mark Branson." Harvard Business School Case 124-078, January 2024.
- June 2023
- Case
Dan McCrum - Unmasking Wirecard
By: Jonas Heese, Charles C.Y. Wang, Tonia Labruyere and Carlota Moniz
Dan McCrum, an investigative journalist for the Financial Times, had spent the past six years fighting to expose German payment processing firm Wirecard. The company had enjoyed years of exponential growth and was viewed by several investors as the poster child of...
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Keywords:
Crime and Corruption;
Accounting;
Financial Services Industry;
Journalism and News Industry;
Europe;
United Kingdom;
Germany
Heese, Jonas, Charles C.Y. Wang, Tonia Labruyere, and Carlota Moniz. "Dan McCrum - Unmasking Wirecard." Harvard Business School Case 123-098, June 2023.
- October 2022 (Revised May 2023)
- Case
Ginkgo Bioworks vs. Scorpion Capital: The Debate Over Related-Party Revenues
Ginkgo Bioworks, a synthetic biology company based in Boston, Massachusetts, faced divergent views on its revenue possibilities and accounting practices. After a report emerged accusing it of fraudulent accounting and lack of innovation, its share price plunged. But...
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Keywords:
Fraud Allegations;
Revenue;
Reports;
Accounting Audits;
Innovation and Management;
Investment;
Biotechnology Industry;
Boston
Dey, Aiyesha, Jonas Heese, Suraj Srinivasan, and Annelena Lobb. "Ginkgo Bioworks vs. Scorpion Capital: The Debate Over Related-Party Revenues." Harvard Business School Case 123-037, October 2022. (Revised May 2023.)
- March 2021 (Revised April 2021)
- Case
Wirecard: The Downfall of a German Fintech Star
By: Jonas Heese, Charles C.Y. Wang and Tonia Labruyere
Wirecard was a German fintech company, member of the DAX30, that provided payment processing and related services. Wirecard had enjoyed large growth rates over the years and most investors and analysts were enthusiastic about the company's prospects. Wirecard's...
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Keywords:
Accounting Fraud;
Scandal;
Accounting Audits;
Accounting;
Financial Reporting;
Financial Institutions;
Financial Markets;
Corporate Governance;
Governance Compliance;
Corporate Accountability;
Governance Controls;
Financial Services Industry;
Germany;
Singapore;
Dubai
Heese, Jonas, Charles C.Y. Wang, and Tonia Labruyere. "Wirecard: The Downfall of a German Fintech Star." Harvard Business School Case 121-058, March 2021. (Revised April 2021.)
- January 2021 (Revised May 2021)
- Case
'GEnron'? Markopolos versus General Electric (A)
By: Jonas Heese and David Lane
In August 2019, Harry Markopolos—the forensic accountant known for uncovering Bernie Madoff’s Ponzi scheme—alleged that General Electric had committed accounting fraud totaling $38 billion, coining the term “GEnron” for perceived similarities with the 2001 accounting...
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Keywords:
Financial Statements;
Communication;
Energy;
Financial Condition;
Insurance;
Performance;
Planning;
Business and Shareholder Relations;
Risk and Uncertainty;
Value;
Insurance Industry;
Financial Services Industry;
Energy Industry
Heese, Jonas, and David Lane. "'GEnron'? Markopolos versus General Electric (A)." Harvard Business School Case 121-005, January 2021. (Revised May 2021.)
- August 2020
- Supplement
Luckin Coffee (B): Revelations of Fraud
By: Ramon Casadesus-Masanell and Karen Elterman
This case describes revelations of fraud at Luckin Coffee, beginning with an anonymous report in January 2020 and continuing with the company’s admission in April 2020 that it had inflated its revenues by 2.2 billion RMB ($310 million), almost half its reported...
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Keywords:
Fraud;
Corporate Misconduct;
Business Earnings;
Financial Statements;
Financial Condition;
Stocks;
Financial Management;
Profit;
Revenue;
Price;
Food;
Lawfulness;
Crime and Corruption;
Food and Beverage Industry;
Technology Industry;
Asia;
China
Casadesus-Masanell, Ramon, and Karen Elterman. "Luckin Coffee (B): Revelations of Fraud." Harvard Business School Supplement 721-371, August 2020.
- September 2019 (Revised February 2022)
- Case
Glenn Defense Marine Asia (A)
By: Susanna Gallani, Anja Anliker, Luke Hodges and Amram Migdal
This case describes the growth of Glenn Defense Marine Asia (GDMA) under the leadership of Leonard Glenn Francis. GDMA provided ship husbanding and logistical support services to the United States Navy when Navy ships visited various ports in Southeast Asia. The case...
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Keywords:
Business Ventures;
Business Growth and Maturation;
Crime and Corruption;
Ethics;
Fairness;
Moral Sensibility;
Values and Beliefs;
Governance;
Corporate Accountability;
Governance Controls;
Government and Politics;
Law;
Contracts;
Lawfulness;
Operations;
Shipping Industry;
Service Industry;
Asia;
Southeast Asia;
Malaysia;
Singapore
Gallani, Susanna, Anja Anliker, Luke Hodges, and Amram Migdal. "Glenn Defense Marine Asia (A)." Harvard Business School Case 120-036, September 2019. (Revised February 2022.)
- September 2019 (Revised February 2022)
- Supplement
Glenn Defense Marine Asia (B)
By: Susanna Gallani, Anja Anliker, Luke Hodges and Amram Migdal
This case describes the growth of Glenn Defense Marine Asia (GDMA) under the leadership of Leonard Glenn Francis. GDMA provided ship husbanding and logistical support services to the United States Navy when Navy ships visited various ports in Southeast Asia. The case...
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Keywords:
Business Ventures;
Business Growth and Maturation;
Crime and Corruption;
Ethics;
Fairness;
Moral Sensibility;
Values and Beliefs;
Governance;
Corporate Accountability;
Governance Controls;
Government and Politics;
Law;
Contracts;
Lawfulness;
Operations;
Shipping Industry;
Service Industry;
Asia;
Southeast Asia;
Malaysia;
Singapore
Gallani, Susanna, Anja Anliker, Luke Hodges, and Amram Migdal. "Glenn Defense Marine Asia (B)." Harvard Business School Supplement 120-037, September 2019. (Revised February 2022.)
- September 2019 (Revised December 2023)
- Case
Accounting Fraud at Tesco Stores (A)
By: Jonas Heese, Suraj Srinivasan and Julia Kelley
This case describes the accounting fraud at Tesco Stores Limited (TSL), which was discovered by a senior accountant in TSL’s finance department. The accountant was concerned about TSL’s handling of commercial income, which, according to the accountant, overstated...
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Heese, Jonas, Suraj Srinivasan, and Julia Kelley. "Accounting Fraud at Tesco Stores (A)." Harvard Business School Case 120-032, September 2019. (Revised December 2023.)
- September 2019 (Revised February 2024)
- Teaching Note
Accounting Fraud at Tesco Stores (A), (B), & (C)
By: Jonas Heese and Suraj Srinivasan
Teaching Note for HBS Nos. 120-032, 120-033, and 120-034.
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- September 2019
- Supplement
Accounting Fraud at Tesco Stores (B)
By: Jonas Heese, Suraj Srinivasan and Julia Kelley
This case serves as a complement to the case "Accounting Fraud at Tesco Stores (A)".
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Heese, Jonas, Suraj Srinivasan, and Julia Kelley. "Accounting Fraud at Tesco Stores (B)." Harvard Business School Supplement 120-033, September 2019.
- September 2019
- Supplement
Accounting Fraud at Tesco Stores (C)
By: Jonas Heese, Suraj Srinivasan and Julia Kelley
This case serves as a complement to the case "Accounting Fraud at Tesco Stores (A)".
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Heese, Jonas, Suraj Srinivasan, and Julia Kelley. "Accounting Fraud at Tesco Stores (C)." Harvard Business School Supplement 120-034, September 2019.
- August 2019
- Case
Creating Accountability in Afghanistan
By: Jonas Heese, Gerardo Pérez Cavazos, Eugene F. Soltes and Grace Liu
By early 2019, the United States had contributed $132 billion to the Afghan reconstruction. John Sopko, in his role as the Special Inspector General for Afghan Reconstruction (SIGAR), was in charge of providing accountability for U.S. aid funding. Sopko’s oversight...
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Keywords:
Auditing;
Fraud;
Accountability;
Crime and Corruption;
Law Enforcement;
Governance;
Infrastructure;
Information;
Networks;
Strategy;
Afghanistan
Heese, Jonas, Gerardo Pérez Cavazos, Eugene F. Soltes, and Grace Liu. "Creating Accountability in Afghanistan." Harvard Business School Case 120-024, August 2019.
- February 2019 (Revised September 2019)
- Case
Theranos: The Unicorn That Wasn't
By: Joseph B. Fuller and John Masko
In 2003, 19-year-old Elizabeth Holmes founded a startup dedicated to making blood testing easier and more affordable. By 2015, her company, Theranos, was worth $9 billion. It boasted a star-studded board and contracts with national pharmacy and supermarket chains...
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Keywords:
Theranos;
Blood;
Lab Testing;
Fraud;
Holmes;
Balwani;
Shultz;
Carreyrou;
Securities And Exchange Commission;
Food And Drug Administration;
FDA;
SEC;
Health Testing and Trials;
Corporate Accountability;
Organizational Culture;
Misleading and Fraudulent Advertising;
Crime and Corruption;
Entrepreneurship;
Medical Devices and Supplies Industry
Fuller, Joseph B., and John Masko. "Theranos: The Unicorn That Wasn't." Harvard Business School Case 319-068, February 2019. (Revised September 2019.)
- October 2018 (Revised October 2019)
- Case
Rio Tinto vs. the Securities and Exchange Commission
By: Aiyesha Dey, Krishna G. Palepu and Sarah Gulick
Keywords:
Coal Mining;
SEC Enforcement;
FCPA;
Mining;
Fraud;
Acquisition;
Financial Reporting;
Mergers and Acquisitions;
Non-Renewable Energy;
Ethics;
Financial Management;
Investment;
Corporate Governance;
Laws and Statutes;
Lawsuits and Litigation;
Risk Management;
Risk and Uncertainty;
Energy Industry;
Mining Industry;
Financial Services Industry;
Mozambique;
United States;
Australia;
England
Dey, Aiyesha, Krishna G. Palepu, and Sarah Gulick. "Rio Tinto vs. the Securities and Exchange Commission." Harvard Business School Case 119-046, October 2018. (Revised October 2019.)
- November 2017 (Revised August 2018)
- Case
Fair Value Accounting at Noble Group (A)
By: Siko Sikochi, Suraj Srinivasan and Quinn Pitcher
Noble Group was a large commodities trader based in Hong Kong and listed on the Singapore Stock Exchange. In 2012, Noble shifted its business strategy towards an asset-light model. Under this model, Noble did not own mines or farms to produce commodities but built...
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Sikochi, Siko, Suraj Srinivasan, and Quinn Pitcher. "Fair Value Accounting at Noble Group (A)." Harvard Business School Case 118-034, November 2017. (Revised August 2018.)
- July 2015
- Article
Executives' 'Off-the-Job' Behaviors and Financial Reporting Risk
By: Robert Davidson, Aiyesha Dey and Abbie Smith
We examine how executives' behavior outside the workplace, as measured by their ownership of luxury goods (low “frugality”) and prior legal infractions, is related to financial reporting risk. We predict and find that chief executive officers (CEOs) and chief financial...
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Keywords:
Management Teams;
Behavior;
Personal Characteristics;
Crime and Corruption;
Governance Compliance;
Financial Reporting;
Organizational Culture
Davidson, Robert, Aiyesha Dey, and Abbie Smith. "Executives' 'Off-the-Job' Behaviors and Financial Reporting Risk." Journal of Financial Economics 117, no. 1 (July 2015): 5–28.
- February 2014
- Teaching Note
Olympus (A)
By: Jay W. Lorsch and Suraj Srinivasan
As 2012 approached the woes of the financial crisis seemed to be fading, companies were resuming business as usual and some of the scrutiny on corporate governance practices began to recede as well. That is until another major financial scandal emerged in Japan in the...
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- September 2013
- Case
United Rentals (A)
By: Jay W. Lorsch, Kathleen Durante and Emily McTague
In December 1997 United Rentals (URI) went public on the NYSE. Ten years later, during the peak of the economic meltdown, the company's performance was in decline. United Rentals had experienced its share of problems in the prior years and was still struggling to... View Details
Keywords:
Board Of Directors;
Board Dynamics;
Accounting Fraud;
Governance;
Board Committees;
Merger;
Corporate Governance;
Construction Industry;
United States
Lorsch, Jay W., Kathleen Durante, and Emily McTague. "United Rentals (A)." Harvard Business School Case 414-043, September 2013.