In a surprise setback for federal prosecutors, jurors acquitted HealthSouth Corp. founder Richard Scrushy on Tuesday of all charges in a case involving a $2.7 billion earnings overstatement. The case against Scrushy, the first CEO charged under the Sarbanes-Oxley corporate reporting law, had been widely considered one of the strongest in a string of fraud claims. Said one stunned corporate law specialist, "There was a mass of evidence against him. I certainly expected the jury to convict."
June 29, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Jurors acquitted HealthSouth Corp. founder Richard Scrushy on Tuesday of all charges in a surprise setback for federal prosecutors who had scored victories over a string of big-name CEOs accused of fraud.
The case against Scrushy, involving a $2.7 billion earnings overstatement at the rehabilitation and medical services chain he created and ran, had been widely considered among the strongest. He was the first CEO charged under the Sarbanes-Oxley corporate reporting law.
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