Financial Services Industry
Industry: Email Alert RSS FeedThe Enron trial and its link to Sarbanes-Oxley.(Ken Lay and Jeff Skilling cases of fraud)
Financial Executive, March, 2006 by Cunningham, Colleen
As you read this, the long-awaited trial of former Enron Corp. CEOs Ken Lay and Jeff Skilling is likely to be in full swing. Ken Lay is charged with seven counts of conspiracy and fraud, while Skilling is charged with 31 counts of fraud, conspiracy and insider trading. As we are all well aware, Enron's demise, as well as other scandals, such as the accounting blowups at WorldCom Inc. and HealthSouth Corp., led to the passage of the Sarbanes-Oxley Act of 2002.
The results of the trials completed for previous top executives have been mixed. The government's track record from its crackdown has included wins, losses and a few mistrials. At this point, only a few of the top executives accused of corporate wrongdoing have been sentenced to prison. Bernie Ebbers,...
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