#7 The CEO of a major software firm lied about getting an MBA from Stanford. The company's stock dove when the truth surfaced

In October 2012, Kenneth Lonchar resigned as executive vice president and CFO of Veritas Software Corp. amid reports that he faked his resume to show he had an MBA from Stanford, which in fact, he didn’t have.

The company received a statement following the bust as, "We had recently become aware that Lonchar had misstated his educational credentials, including incorrectly claiming to have received an MBA from Stanford University."

Lonchar was asked to resign, saying the following in a statement released by the firm, "I regret this misstatement of my educational background. Under the circumstances, I believe my resignation is in the best interests of both the company and myself," Mr. Lonchar said in the written statement.

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