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AOL revenue inflation fraud

In the first round of criminal charges raised by the Justice Department’s probe of AOLs accounting practices, two former AOL executives and four officials have been charged with conspiring in a scheme to artificially inflate their companies revenue.

They have been accused of lying to investors and securities regulators, forging secret side deals and forging backdated contracts.

Last month Time Warner agreed to pay $510M to settle accounting concerns with the Justice Department and the SEC.

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