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Arthur Andersen Fined $7 Million for False Waste Management Inc. Audit Reports

Washington, D.C. — Arthur Andersen, Chicago, was fined $7 million by the Security Exchange Commission (SEC), settling charges that it filed false and misleading Waste Management Inc. (WMI) audit reports. According to WMI, the settlement arose from the SEC investigation of WMI’s 1998 restatement of annual financial reports for 1993 to 1996. This period, which Arthur Andersen audited, was prior to WMI's merger with USA Waste Services Inc. Federal regulators say that WMI overstated its pre-tax income by more than $1 billion.