Greek marine fuel logistics company, Aegean Marine Petroleum filed for bankruptcy protection in November 2018 and was subsequently delisted from the NYSE. An investigation by Aegean’s audit committee found that around US$300m of the company’s funds had been misappropriated through inflated contracts. The attempt to cover this up resulted in US$200m of fictitious accounts receivable that needed to be written off from transactions lacking economic substance. The committee also uncovered fraudulent prepayments for future oil deliveries that were never made. The scheme involved forging documentation including bank statements. Based on the company's internal findings, this is a confirmed fraud.
Last updated May 2023
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