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Securities and Exchange Commission vs. Richard H. Hawkins

While the widely exposed and discussed trials of WorldCom's and Tyco's top executives were all over the media, one of the most interesting cases of securities fraud was happening without any public acknowledgement.
Richard Hawkins, ex-CFO of a health service industry giant McKesson, was accused and later brought to court for inflating revenue at McKessonHBOC. The acquisition of HBOC, a medical software company, happened long after Hawkins became the CFO, but right before the management of both companies decided to falsify the facts.
It began with a written press release of the preliminary financial results for the quarter and year ended March 31, 1999. According to the release, the quarterly revenue was $6.4 billion, which was later discovered to be false. Hawkins himself approved the release, knowing that the numbers were materially overstated due to the inclusion of an alleged sale contract with Data General. For the......

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Approximate Word Count: 1331
Approximate Pages: 6 (250 words per double-spaced page)

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