Vegas rehab operator charged with fraud

Wednesday, March 19, 2003 | 9:45 a.m.

WASHINGTON -- HealthSouth Corp., the biggest U.S. operator of rehabilitation hospitals, and Chief Executive Officer Richard M. Scrushy committed a $1.4 billion accounting fraud, the Securities and Exchange Commission charged today.

HealthSouth overstated earnings since 1999 at Scrushy's insistence to meet profit targets, the SEC said. HealthSouth, a big player in the Las Vegas health industry, couldn't be reached for comment. The SEC also halted trading in the company's securities for two days because of misleading information in the marketplace.

Former Chief Financial Officer Weston Smith agreed to plead guilty to charges that he conspired with senior officers to inflate profit and filed false SEC certifications, the Justice Department said.

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