Focus Media Holding Ltd.

Focus Media is the Olympus of China: it inflates its LCD screen count by 50%, systematically overpays for acquisitions it writes off, and enriches insiders at shareholders' expense.

New BVI registry evidence proves FMCN lied about its mobile-phone VIE acquisitions, reinforcing the long-running fraud thesis just as Carlyle's LBO consortium prepares to overpay.