On June 21, 2013, U.S. District Judge Sim Lake approved a deal reducing former Enron CEO Jeffrey Skilling’s prison sentence from 24 years to 14 years—a 10-year reduction that symbolized the erosion of corporate accountability in the decade following the Enron prosecutions. The sentence …
On October 23, 2006, former Enron CEO Jeffrey Skilling was sentenced to 24 years and four months in federal prison for his role in the Enron fraud, representing one of the harshest sentences ever imposed on a corporate executive. U.S. District Judge Sim Lake also ordered Skilling to forfeit …
On July 5, 2006, Kenneth Lay died of a heart attack at his vacation home in Aspen, Colorado, just six weeks after being convicted on all six counts of fraud and conspiracy in the Enron scandal. Lay, 64, was pronounced dead at Aspen Valley Hospital at 3:11 a.m. A preliminary autopsy reported he died …
On May 25, 2006, a federal jury convicted Enron founder Kenneth Lay on all six counts of fraud and conspiracy, and former CEO Jeffrey Skilling on 19 of 28 counts of securities fraud, wire fraud, and conspiracy. The verdicts marked a watershed moment in corporate accountability, holding top …
On July 7, 2004, a federal grand jury indicted Enron founder and former CEO Kenneth Lay on 11 counts of securities fraud, wire fraud, and making false statements to banks. The indictment charged that Lay repeatedly lied to investors, employees, and federal regulators about Enron’s …
On June 15, 2002, a federal jury convicted Arthur Andersen LLP of obstruction of justice for shredding thousands of Enron-related documents. The verdict effectively destroyed one of the world’s most prestigious accounting firms, eliminating 85,000 jobs globally and marking the last time a …
On March 14, 2002, the U.S. Department of Justice announced the indictment of Arthur Andersen LLP on one count of obstruction of justice for destroying “literally tons of paper documents and other electronic information” related to the Enron collapse. The indictment, handed down by a …
On January 9, 2002, Arthur Andersen, one of the “Big Five” accounting firms, publicly admitted that its employees had destroyed “several tons” of Enron-related documents and deleted nearly 30,000 emails and computer files during October and November 2001. CEO Joseph Berardino …
Enron filed for bankruptcy on December 2, 2001, marking the largest corporate bankruptcy in U.S. history at the time, with $63.4 billion in assets. The collapse revealed extensive corporate fraud orchestrated by CEO Kenneth Lay and President Jeffrey Skilling, who manipulated financial statements and …
On October 22, 2001, the Securities and Exchange Commission announced it was formally investigating Enron’s suspicious dealings with partnerships controlled by CFO Andrew Fastow, characterizing them as “some of the most opaque transactions with insiders ever seen.” Enron’s …
On October 16, 2001, Enron announced a $618 million quarterly loss, marking a pivotal moment in the company’s downfall. The loss was largely attributed to a one-time charge for terminating “certain structured finance arrangements” known as the Raptors, which were partnerships …
The Bush administration releases the National Energy Policy, revealing extensive incorporation of Enron’s recommendations. Analysis shows the task force adopted “all or significant portions” of Enron’s recommendations in seven of eight policy areas, with at least 17 policies …
Enron CEO Kenneth Lay met privately with Vice President Dick Cheney during a pivotal Energy Task Force meeting, presenting corporate recommendations that would significantly shape U.S. energy policy. Out of eight policy areas, seventeen Enron-favorable policies were adopted, including federal …
On April 17, 2001, Enron CEO Kenneth Lay met with Vice President Dick Cheney and his National Energy Policy Development Group (Energy Task Force), presenting a three-page “wish list” of corporate energy policy recommendations. This meeting was one of at least six interactions between …
Vice President Dick Cheney initiated secret meetings of the National Energy Policy Development Group, systematically involving Enron executives like Kenneth Lay while excluding environmental groups. Between late January and April 2001, the task force held at least 40 meetings with energy industry …
On her final day as Chair of the Commodity Futures Trading Commission, Wendy Gramm approves a regulatory exemption allowing Enron to trade energy derivatives without CFTC oversight. The exemption, granted on January 14, 1993 (some sources cite January 21, the final day of the George H.W. Bush …