October 2001
Enron admitted that the US Securities and Exchange Commission had launched an
investigation and conceded that in the previous year it had it had declared a profit that was 1.2 billion US $ too high.
December 2001
Enron declared bankruptcy, after a take-over by the competing firm Dynegy in November fell through.
January 2002
Enron securities were taken off the market.
February 2002
It became known, that shortly before bankruptcy, some 500 Enron manager had received inordinately high bonus-payments.
So, for instance, the company founder took a payoff of 205 million US $.
October 2002
The accounting firm Arthur Anderson, which was involved in the scandal, was ordered to pay a 500,000 US $ fine for obstructing justice.
Since 2005
Leading managers of the Enron executive board had to face criminal charges based on the Sarbanes-Oxley Act. They were sentenced to long prison terms in many cases and had to pay enormous reparations from their private wealth.
(see pdf “Chronology”)
