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Accounting: Enron Scandal Essay

790 words - 4 pages

The Enron Corporation was one of the world’s largest natural gas and electricity companies in the world before the bankruptcy in 2001. The Enron Company was doing excellent in stock before the huge scandal. In 2001 the company started to suffer, huge amounts of losses and their stock prices crashed. There was many people involved in the scandal, one of the main people involved was David Duncan the main accountant.
David Duncan was an employee at the Arthur Anderson Company for over 20 years and started working at Enron since 1997. He was born in 1960 and He graduated from high school with honors after losing his father at the age of 18. After graduating high school he joined Arthur Andersen ...view middle of the document...

Soon after the company’s stock prices dropped quickly and went downhill in the matter of months quick. Without anyone knowing Enron was stealing money from them, cause all the statement Enron made were being shredded and there would be no evidence of them stealing money but only losing money.
When the Enron scandal happened in 2001 the company fell into pieces and all the people who invested in stock fell as well. In late 2001 the big Enron Corporation filed for bankruptcy protection. It ended its bankruptcy on November 2004 and was one of the most complex bankruptcy cases in U.S. history. Enron is still a company today buy not as nearly as big as it was before and not as trusted. As for the employee of Enron that were part of the scandal they had to go through court. As for David Duncan the top accountant on April 9, 2002 he pleaded guilty. The maximum sentence for his crime is ten years, but since he pleaded guilty and became a witness for the prosecution he would receive a much smaller sentence. His sentencing date was postponed numerous times but he did settle his charges in 2008
David Duncan once worked at Arthur Andersons LLP and was one of Enron’s top accountants but he was fired from Anderson’s for being part of the...

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