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During the 1990s, Richard Scrushy, the former CEO of HealthSouth Corporation, plotted many acquisitions of rehabilitation clinics, nursing homes, outpatient surgical care operators, and other health care companies. Early 2003, the Securities and Exchange Commission (SEC) accused the company and Scrushy of boosting earnings to of $1.4 billion since 1999. In November 2003, a federal grand jury indicted Scrushy on 85 counts including conspiracy, securities fraud, money laundering and charges related to overstating HealthSouth’s earnings by nearly $3.0 billion. According to federal investigators, the company overstated earnings to meet analysts’ e...
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