Huston, TX – Arthur Andersen was sentenced to five years probation and fined $500,000 for obstruction of justice. The decision was in result to the company admitting to destroying thousands of records involving its work for Enron. The sentencing comes one year after Enron Corp filed for bankruptcy.
Andersen, once a company of 85,000 employees, is no longer allowed to audit publicly traded companies as a result of the conviction. Since the indictment Andersen lost almost all publicly traded clients and partners to competitors. Today less than 2,000 employees remain with the company.
(via Reuters)
Comments on this entry are closed.