Enron

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Enron

An energy company that perpetrated one of the largest accounting frauds in history. Established in its latest form in 1985 in Omaha, it moved its headquarters to Houston and provided oil, natural gas, electric, water, and bandwidth products. Its share price eventually climbed to $85 because it used what it termed "innovative" techniques, including weather futures, to build its profit. In 2001, however, it was revealed that many of its assets were either overpriced or completely fictional; losses were hidden in offshore subsidies; and most profits were fraudulent. Its share price collapsed to $0.30 and Enron filed for bankruptcy in December 2001. See also: Arthur Andersen, WorldCom, Tyco International.
References in periodicals archive ?
In a critical breakthrough, we obtained precisely such corroboration in the form of compelled testimony from Ben Glisan, Enron's former Treasurer.
Likewise, because prosecutors believed that the deal-less Ben Glisan would prove to be the government's most persuasive witness, he was slotted near the end of the case.
Weissmann personally spearheaded the prosecutions and convictions of Andrew Fastow (Chief Financial Officer), Richard Causey (Chief Accounting Officer), Ben Glisan (treasurer); and five Merrill Lynch and Enron executives involved in manipulating Enron's earnings, among others.
Those individuals are Kenneth Lay, Jeffrey Skilling, Andrew Fastow, Michael Kopper, Richard Causey, Richard Buy, and Ben Glisan.