Instead Ms. Nordberg had become the victim of an elaborate scheme by the seller, whose trustworthiness, it turned out, was based on a record of fictitious transactions.
The bank had discovered that one of its traders had taken "massive fraudulent directional positions in 2007 and 2008," and that he had concealed them "through a scheme of elaborate fictitious transactions."
"No fictitious transactions were found, and the company's liquidity is not impacted," Paul A. Allaire, Xerox's chairman, said in a statement.
"There were bogus loans, fictitious transactions, and then the billing records turn up in the private residence of the Clintons?"
The losses that a currency trader at a regional Maryland bank is accused of trying to hide with fictitious transactions had been mounting since 1997, rather than just over the last year, bank executives said today.
To explain the mechanics of the interbank market, readers should examine and carefully follow the following sequence of fictitious transactions between banks operating in the London euro-dollar market.
Those losses were believed to have been concealed with fictitious transactions created by a trader in Baltimore, John Rusnak.
Prosecutors suspect Mugen hid its income by moving funds to a company named MG Estate under machine lease and other fictitious transactions for three years through to December 2000.
"All in all, the total number of losses generated through these rigged fictitious transactions came to $1.1 billion."
Aggressive accounting, fictitious transactions that inflate sales, whatever it takes.