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Enron scandal, series of events that resulted in the bankruptcy of the U.S. energy, commodities, and services company Enron Corporation in 2001 and the dissolution of Arthur Andersen LLP, which had been one of the largest auditing and accounting companies in the world.
The Enron scandal drew attention to accounting and corporate fraud, as shareholders lost $74 billion in the four years leading up to its bankruptcy, and its employees lost billions in pension...
Enron was an energy-trading and utility company based in Houston, Texas, that perpetrated one of the biggest accounting frauds in history. Enron's executives employed accounting practices...
The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas. When news of widespread fraud within the company became public in October 2001, the company filed for bankruptcy and its accounting firm, Arthur Andersen —then one of the five largest audit and accountancy partnerships ...
Multiple regulatory investigations followed, several criminal convictions were obtained and Sarbanes-Oxley was ultimately enacted to curb the perceived abuses arising from Enron and several similar accounting scandals.
Its CEO Markus Braun was arrested on suspicion of accounting fraud and market manipulation. He has denied the allegations, saying that the company was the victim of fraud.
Enron scandal - Accounting Fraud, Corporate Greed, Bankruptcy: Enron executives practiced mark-to-market accounting and special purpose entities (SPEs). Sherron Watkins warned of possible accounting scandals.