Lernout & Hauspie

June 2000: Lernout & Hauspie reports 1999’s revenue of $143.2 million from South Korea and Singapore, up from less than $300,000 in the prior year.

August 2000: The Wall Street Journal reports some Korean customers claimed by L&H do no business with the company. Others said their purchases were smaller than L&H reported. CEO Gaston Bastiaens steps down; former Dictaphone CEO John Duerden steps in.

November 2000: L&H says it will revise financial statements for two and a half years because of ‘errors and irregularities’; Jo Lernout and Pol Hauspie resigns as co-chairman; trading of L&H staff is suspended. L&H later files for Chapter 11 bankruptcy- law protection.

October 2002: SEC alleges that L&H fraudulently booked $175 million in sales related to the South Korea unit, among other schemes.

October 2004: KPMG, L&H’s auditor, agrees to pay $115 million to settle a shareholder suit that it had failed in its audit work.

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Sarang is one of the first forensic accountants in the country who worked extensively with the law enforcement agencies across the country to solve the fraud problems. He is a Certified Anti Money Laundering Expert. He worked in the shipping industry before joining Riskpro and is instrumental in exposing the Trade based money laundering cases for the banking sector. He investigated numerous Ponzi Schemes for the Government of Maharashtra and presented in the court of laws as the expert witness to justify the findings of the reports.