Enron Scandal
Enron Corporation, an energy, commodities, and service company based in Houston Texas, filed for bankruptcy on December 2 2001
Scandal
25,000 employees lost their jobs
Employees lost their investments
CEO Jeffery Skilling and Chairman Kenneth Lay were charged with conspiracy securities fraud, and insider trading
Enron executives used Special Purpose Entities & Mark- to- Market accounting to hide debt& alter financial statements, breaking trust requiring severe punishment to prevent similar misconduct
2 billion dollars in pension saving & 1.2 billion dollars in retirement funds were lost
People Involved
VP Sherron Watkins exposed fraudulent activities in 2001
CEO Jeffery Skilling
Chairman Kenneth Lay
Enron Corporation, an energy, commodities, and service company based in Houston Texas, filed for bankruptcy on December 2 2001
Scandal
25,000 employees lost their jobs
Employees lost their investments
CEO Jeffery Skilling and Chairman Kenneth Lay were charged with conspiracy securities fraud, and insider trading
Enron executives used Special Purpose Entities & Mark- to- Market accounting to hide debt& alter financial statements, breaking trust requiring severe punishment to prevent similar misconduct
2 billion dollars in pension saving & 1.2 billion dollars in retirement funds were lost
People Involved
VP Sherron Watkins exposed fraudulent activities in 2001
CEO Jeffery Skilling
Chairman Kenneth Lay
