USA: Former DFG executives sued by IBP over alleged fraud and embezzlement
The largest beef producer in the US, IBP Inc , announced yesterday that it is suing two former executives of its Chicago-based DFG Foods unit over allegations that the men inflated DFG's financial results by more than US$50m to conceal fraudulent activities. Andrew J. Zahn, the former head of DFG, and Philip Sexauer, the former CFO, are named as defendants in the suit, which IBP explains accuses them of making "numerous false statements to conceal their fraud [and engagement] in self-dealing and embezzlement for personal gain".
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