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In front it went insolvent on december 2, 2001, enron had employed roughly 20,000 employees and had becomeone of the world's major electrical energy, gas, communications, and pulp and paper firms, with claimed revenues of all but $111 billion end-to-end 2000.
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What did Fastow do in the Enron scandal?
Fastow was indicted on November 1, 2002 by in Houston. He was convicted on 78 counts including fraud, money laundering, and conspiracy. Fastow was sentenced to serve a ten year prison sentence and forfeit $23.8 million.
What was the purpose of the Enron Act?
The purpose of this act is to protect people from the types of deceptive acts that took place within Enron. The act changed the way corporate records are to be stored because of the poor decision Arthur Andersen made to shred many of Enron's financial documents.
How did the employees of Enron lose their money?
On the day that Enron filed for bankruptcy, the company's employees were told to pack up their belongings and leave the building within the following thirty minutes. Thousands of Enron investors and employees lost all their savings, children's college funds, and pensions when Enron collapsed.
Last Update: Oct 2021
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