Richard Scrushy, the former CEO of HealthSouth was corrupt form the beginning. Although he appeared to have altruistic views, that wasn’t the case. The meteoric rise of HealthSouth came about with the rapid influx of baby boomers coming into middle age and older. This required more facilities which Scrushy happily provided through franchising. After starting HealthSouth (AmCare), he took it public two years later. He was motivated by the vast amounts of money from meeting Wall Street’s expectancies, more so than their elderly patients. Still, HealthSouth came to be a multi-billion empire, spanning three continents with over 1900 facilities.
Scrushy, spent lavishly with corporate profits for personal and family use. HealthSouth CFO’s, top level …show more content…
However, he was charged and found guilty a year later for giving a half million-dollar bribe to the Governor of Alabama. It was a total of six charges that ranged from conspiracy, bribery and mail fraud for which he would serve prison time. Scrushy also settled the largest civil lawsuit with HealthSouth shareholders, which was close to three billion ($3,000,000,000.00) dollars. His assets included a vast art collection, expensive jewelry, a five-million-dollar mansion, many boats, and three airplanes.
And from all of this he was defiant and completely corrupt to the end. He only served six years behind bars before being released on probation. This case will show the damage, willful negligence, fraudulent activity and its consequence under Scrushy reign of lies, deceptions and …show more content…
This opportunity had a double advantage; on one hand the overhead would be significantly less than hospitals so there would be more profit for Scrushy, and in turn would keep the costs low for the patients. This was the beginning of HealthSouth. HealthSouth was around for only a couple years when they started manipulating financial statements simply to consistently exceed Wall Street’s expectations. Over the years, HealthSouth steadily grew into a healthcare empire, gaining more profits, a larger patient base, expanding domestic and internationally, and a greater marketing perspective. The HealthSouth brand was everywhere you turned and it wasn’t slowing down anytime soon as far as they were
Scrushy, spent lavishly with corporate profits for personal and family use. HealthSouth CFO’s, top level …show more content…
However, he was charged and found guilty a year later for giving a half million-dollar bribe to the Governor of Alabama. It was a total of six charges that ranged from conspiracy, bribery and mail fraud for which he would serve prison time. Scrushy also settled the largest civil lawsuit with HealthSouth shareholders, which was close to three billion ($3,000,000,000.00) dollars. His assets included a vast art collection, expensive jewelry, a five-million-dollar mansion, many boats, and three airplanes.
And from all of this he was defiant and completely corrupt to the end. He only served six years behind bars before being released on probation. This case will show the damage, willful negligence, fraudulent activity and its consequence under Scrushy reign of lies, deceptions and …show more content…
This opportunity had a double advantage; on one hand the overhead would be significantly less than hospitals so there would be more profit for Scrushy, and in turn would keep the costs low for the patients. This was the beginning of HealthSouth. HealthSouth was around for only a couple years when they started manipulating financial statements simply to consistently exceed Wall Street’s expectations. Over the years, HealthSouth steadily grew into a healthcare empire, gaining more profits, a larger patient base, expanding domestic and internationally, and a greater marketing perspective. The HealthSouth brand was everywhere you turned and it wasn’t slowing down anytime soon as far as they were