Ghost, Witches, and Goblins.
Yeah, they’re scary. But we’re more terrified by these financial frights made by some of the world’s most recognizable names!
In 2012, Groupon underestimated consumer returns, resulting in $22.2 million of additional losses and forcing them to issue a restatement.
In 2014, The Bank Of America admitted it had overstated its capital to the tune of $4 billion! You know, just a small oversight that went unnoticed for several years.
I can’t look!
The $270K (over $4 million in today’s dollars) that Al Capone owed in tax evasion was just one of the many reasons to be afraid of the 1930s mobster.
While the Tax Court of Canada ruled in favour of Loblaws Companies Ltd for tax-avoidance in September 2018, Canada’s largest grocery and drug retailer will be hit with a $368 million charge for unpaid taxes and interest relating to its Barbados-based subsidiary, Glenhuron Bank Limited. While Loblaws is appealing this charge, it hit their books in Q3 2018.
Call Facet Advisors today to avoid your own grave mistakes.
From all of us at Facet Advisors, wishing you a safe and happy Halloween!