Americanas, a classic accounting fraud scheme

Last Tuesday, Americanas admitted that the former board of directors carried out a series of frauds to hide the company's real situation.

Leonardo Pereira, the new president, stated that the total value of the fraud was R$20 billion, simulating an artificial profit to pay bonuses to the board, dividends to shareholders and taxes.

Lawyer Antonio Carlos Mazzucco, from the Mazzucco & Mello law firm, was interviewed by O Globo to help detail the case, a classic fraud, according to the expert.

“A fraud of this size goes beyond the financial statements. I view the document with serious reservations,” he declared.

The full article is at the link: https://oglobo.globo.com/economia/noticia/2023/06/entenda-os-detalhes-da-nova-fraude-revelada-pela-americanas.ghtml