Criminal Charges in Corporate Scandals (CRS Report for Congress)
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| Release Date |
Revised May 30, 2006 |
| Report Number |
RL31866 |
| Report Type |
Report |
| Authors |
Mark Jickling, Government and Finance Division; Paul H. Janov, Knowledge Services Group |
| Source Agency |
Congressional Research Service |
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Summary:
Since the collapse of Enron Corp. in late 2001, there has been a series of scandals involving
major
U.S. corporations. Recurring elements in the scandals include improper or fraudulent accounting,
self-enrichment by corporate officers, stock trading on inside information (insider trading), and the
destruction or falsification of business records. A number of cases have resulted in criminal
indictments, some followed by guilty pleas. This report tracks post-Enron criminal charges.
Companies are listed alphabetically, and individuals who have been charged, indicted, or have
pleaded guilty are identified. A longer list of companies with recent accounting problems (not all
of which have resulted in criminal indictments) may be found in CRS Report RS21269 ,
Accounting
Problems Reported in Major Companies Since Enron , by Mark Jickling.
The 107th Congress responded to the series of corporate scandals that began with Enron by
passing the Sarbanes-Oxley Act of 2002. That law created a new oversight body for corporate
auditors, imposed new disclosure requirements on corporations, including a mandate that CEOs
personally certify the accuracy of their firms' public financial reports, and increased criminal
penalties for a number of offenses related to securities fraud. For a summary of the legislation, see
CRS Report RL31554 , Corporate Accountability: Sarbanes-Oxley Act of 2002 (P.L.
107-204) , by Michael V. Seitzinger and Elizabeth B. Bazan.
This report will be updated regularly.
