Health tech
Theranos
2003—2018
A blood-testing revolution powered by a very convincing pitch. Its founder was convicted of defrauding investors.
Read the DOJ case ↗PlanWerk / partners / 001
PlanWerk partners.
A highly selective circle of brands that took “think big” to places their auditors would rather forget.
The partner roster
The full lineup
Gold partners
The headline acts. Extraordinarily high conviction, in several senses.
Energy
Enron
1985—2001
A company that turned creative accounting into an entire genre. Former executives were convicted of misleading investors.
Read the DOJ case ↗Crypto exchange
FTX
2019—2022
Customer funds took an unscheduled detour. Its founder was convicted and sentenced for multiple fraud schemes.
Read the DOJ case ↗Investment
Madoff Securities
1960—2008
The returns were remarkably consistent. The trades were not. The firm pleaded guilty to fraud-related charges.
Read the DOJ plea ↗Silver partners
A strong track record of making the numbers work.
Telecom
WorldCom
1983—2002
The business reportedly overstated income by about $9 billion. Even the spreadsheet needed a spreadsheet.
Read the SEC record ↗Crypto scheme
OneCoin
2014—2019
A cryptocurrency with a huge sales operation and a notable blockchain-shaped gap. Its co-founder was sentenced for fraud.
Read the DOJ case ↗Payments
Wirecard
1999—2020
A payments giant whose missing cash became the most talked-about feature. The company collapsed amid an accounting scandal.
Read the DOJ report ↗Events
Fyre Festival
2017
Sold paradise, delivered a case study in expectation management. Its founder pleaded guilty to wire fraud.
Read the DOJ case ↗Crypto lending
Celsius Network
2017—2022
Promised bank-beating safety while taking much bigger risks. Its founder pleaded guilty to fraud.
Read the DOJ case ↗Investment
Stanford Financial
1932—2009
Sold remarkably reassuring investment certificates. The former CFO pleaded guilty in a $7 billion fraud scheme.
Read the DOJ case ↗Bronze partners
Still a remarkable contribution to the cautionary tale economy.
Data
Cambridge Analytica
2013—2018
Knew a little too much about everyone. The FTC found it deceived consumers about data collection.
Read the FTC decision ↗Cable
Adelphia
1952—2002
Family business, family-sized accounting problem. Its former CEO and CFO were convicted in a securities fraud scheme.
Read the DOJ case ↗Brokerage
Refco
1969—2005
The debt kept reappearing after year-end. Its former CEO was sentenced for a $2.4 billion fraud.
Read the DOJ case ↗Software
Autonomy
1996—2011
Enterprise search with a creative approach to revenue recognition. Its former CFO was convicted of fraud.
Read the DOJ case ↗Crypto exchange
QuadrigaCX
2013—2019
The founder had the keys; clients had questions. Ontario securities staff concluded he perpetrated fraud.
Read the OSC report ↗Brokerage
Stratton Oakmont
1989—1996
Cold calls, hot stocks, very cold compliance. The SEC settled fraud charges with the firm.
Read the SEC record ↗Ambition is good.
Receipts are better.
A little history, a lot of lessons. None of the organisations above is affiliated with PlanWerk; the partner tiers are fictional.