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On May 31, 2005, in Arthur Andersen LLP v. United States, the Supreme Court unanimously reversed Andersen's conviction because of errors in the trial judge's jury instructions. The Supreme Court held that the instructions were too vague to allow a jury to find that obstruction of justice had occurred.
The Enron scandal was a 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.
On June 15, 2002, Arthur Andersen was found guilty of shredding evidence and lost its license to engage in public accounting. Three years later, Andersen lawyers successfully persuaded the United States Supreme Court to unanimously overturn the obstruction of justice verdict on the basis of faulty jury instructions.
Arthur Andersen LLC was found guilty of illegally destroying documents relevant to the SEC investigation, which voided its license to audit public companies and effectively closed the firm. By the time the ruling was overturned at the Supreme Court, Arthur Andersen had
Jun 3, 2024 · Learn how Enron used mark-to-market accounting and special-purpose vehicles to hide its losses and inflate its profits. Find out how Arthur Andersen, Enron's accounting firm, failed to detect and report the fraud.
Aug 31, 2022 · In 2002, Arthur Andersen was convicted by a Houston jury of obstructing the government’s investigation into Enron and stopped auditing public companies on Aug. 31 of that year.
TROUBLE WITH TELECOMS. Unfortunately for Andersen, the accusations of accounting fraud did not end with Enron. News soon surfaced that WorldCom, Andersen’s largest client, had improperly accounted for nearly $3.9 billion of expenses and had overstated earnings in 2001 and the first part of 2002.
