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HEALTHSOUTH FOUNDER AND FIRST CFO PENS BOOK ABOUT FRAUD, SCRUSHY
Aaron Beam, co-founder of HealthSouth Corporation in 1983, has penned a tell-all book with Dr. Chris Warner of Fairhope about the company’s founding, its meteoric success and subsequent massive accounting fraud, filling the gaps to one of the most fascinating stories to ever emanate from the State of Alabama. Moreover, Beam provides an introspective glimpse of what it was like to work with one of the most diabolical and cunning fraudsters to run a Fortune 500 company, Richard Marin Scrushy, a hard-charging, unscrupulous visionary whose caustic, Machiavellian approach ensured HealthSouth’s success, and oddly, his predictable fall as the company’s benevolent dictator.
It was the quintessential American success story: Identify a niche; form a company to exploit it; raise millions in venture capital; take the concept public; meet stockholder expectations for 40 straight quarters, in the process becoming a darling of Wall Street; and of course make money—plenty of it—while the stock price steadily climbs and revenue projections increase. In a few short years you’ve gone from rags to riches…you’re on a monster roll…
Until your boss, saddled with the realization that the Street expectations cannot realistically be met, asks you to creatively “fix the numbers.” It’s the toughest decision you’ve ever made, and one where the easiest way out could be the most difficult, given the circumstances.
Caught squarely between greed and fear, Aaron Beam did the unthinkable…
Corporate fraud is the black plague of the modern financial world. Since becoming a witness for the Federal Government in their unsuccessful securities fraud case against convicted fraudster Richard Scrushy, Beam has served a federal prison sentence and has engaged many national business and academic circles as a public speaker, educating others on the perils of fraud and how to remedy this pervasive sickness that threatens the long-term health and vitality of American free market capitalism.
“Today I operate a lawn care business in Baldwin County. I don’t make a half million dollars a year like I did as HealthSouth CFO, but the work is honest, and I don’t have to commit fraud anymore for Richard. It’s just me, a truck, a trailer and a tractor…”
“After losing possessions and serving prison time I realize that money is not the most important thing in life. I’m happier now than I ever was when I had plenty of money and all of the meaningless material things it bought.”
“I am certain Richard Scrushy is going to sue me for writing this book. So be it. I should have stood up to him a long time ago. Had I done so, many people would have not been hurt.”
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"Aaron Beam has produced an accessible and fascinating story about his experience as co-founder and the first CFO of HealthSouth. Those interested in corporate fraud or business ethics can learn from the lessons he conveys. This book truly has the potential to save others from similar mistakes for which Mr. Beam has paid dearly."
- Dr. Linda Trevino
Penn State University
"This is the perfect book for the business student. People assume that they could never be entangled in these kinds of financial debacles, but this book personalizes the story and shows how each business person needs to have an impeccable personal moral compass. Careers and livelihoods ride principally on your reputation for integrity."
- Dr. Peter Ricchiuti, Professor
Tulane University
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