In all, 21 people were convicted in the Enron scandal, and accounting firm Arthur Andersen was forced out of business after it was found guilty of obstruction of justice. The Supreme Court later overturned the conviction, but too late for 85, Andersen employees who lost their jobs. Some 4, Enron employees lost their jobs following the bankruptcy, and many lost retirement savings that were heavily invested in the company's stock. The city of Houston, which identified heavily with a company once considered among the most innovative in the world, took years to regain its swagger.
Skilling served by far the longest sentence of any of the Enron defendants. Former Chairman Kenneth Lay was convicted in the trial but died before he could be sentenced.
Fastow, who pleaded guilty to fraud and conspiracy and testified against his former bosses, served six years in prison. Today, Fastow lectures on corporate ethics before students and business groups, and he works with an artificial intelligence company that seeks to help businesses root out fraud.
Skip Navigation. The business is expected to be up and running by year-end, one of the people said. However, at least one investor who listened to his presentation was reluctant to invest in the venture because of his Enron past, that person said.
Skilling did not respond to a request seeking comment and attempts to reach his wife were unsuccessful. United States Oil, an exchange traded fund that invests in soon-to-expire oil futures contracts, was among the most frequently traded stocks in April on investing platforms used by individual investors.
The commodities product would be sold to and traded among institutional investors through an online platform, essentially a newer version of the Enron model of taking advantage of technology to create a new trading platform, Hirs said. Commodity trading is notoriously risky; the United States Oil Fund has lost nearly 73 percent of its value this year.
After all, Andrew Fastow, the former Enron chief financial officer who spent six years in prison after admitting to two counts of conspiracy to commit wire fraud and securities fraud, has turned his Enron experience into a professional speaking career. For all its impact on Houston, the Enron story had broader ramifications around the nation.
It led to passage of the Sarbanes-Oxley Act that required more corporate financial disclosure, created an accounting oversight board and strengthened whistleblower protections. The law also imposed greater accountability of corporate executives and the accountants and auditors they hire. The massive accounting fraud uncovered at Enron was followed by a wave of similar corporate fraud prosecutions, such as the accounting scandals at the telephone company WorldCom, rehabilitation hospital owner HealthSouth and cable television company Adelphia Communications.
His venture, Veld LLC, was set up as a digital marketplace to sell packages of oil and gas production to investors, sources have said. The business has analytical software that investors can use to evaluate packages for their potential returns, the people said. The company in April filed for a U. The former facilitates "asset backed securitizations for oil and gas producers," according to a post by Ron Hulme, who joined the firm this year as chairman.
Hulme, who spent more than 26 years at McKinsey and became its global practice leader for oil and gas, is a senior executive at Houston-based energy investors Parallel Resource Partners and Bluescape Energy Partners in addition to his role at Veld Applied Analytics.
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