Well, every American must have heard about the WorldCom scandal.
According to CBC News, it is one of the biggest account scandals in US history. During the investigation, the internal audits found improper accounting of expenses of over $3.8 billion over 5 quarters. The investigation resulted in the resignation of senior vice president and controller David Myers, as well as layoffs for more than 17,000 WorldCom employees. This incident is considered as one of the biggest white-collar crimes in the history of the US.

Generally, white-collar crimes are committed for financial gains and include frauds such as money laundering, corporate fraud and money, securities fraud, embezzlement, election law violations, and more. The investigation of these crimes is done by US authorities including the FBI, the Securities and Exchange Commission (SEC), and the National Association of Securities Dealers (NASD).

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