In July 2004, the U.S. government filed civil and criminal charges against four former executives of Netherlands-based Ahold’s subsidiary U.S. Foodservice Inc., an operator of supermarkets such as Bi-Lo and Giant food stores. Two of the four executives have pleaded guilty, and the other two were indicted. The alleged widespread fraud included recording completely fictitious revenues for false promotions and per- suading vendors to confirm to auditors the false promotional payments. U.S. Attorney David Kelley sug- gested the fraud was motivated by the greed of the executives to reap fat bonuses if the company met certain financial goals. The auditors were unable to catch the fraud.
1. Describe the parties who were harmed or helped by this fraud.
2. Explain how greed may have contributed to the fraud.
3. Why do you think the independent auditors f ailed to catch the fraud?
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