An independent review published in 2002
detailed how executives pocketed millions of dollars from complex, off-the-books partnerships while reporting inflated profits to shareholders.
1985 – Houston Natural Gas merges with Omaha-based InterNorth to form Enron.
1986 – Lay is appointed chairman and CEO of Enron.
1989 – Enron enters the natural gas commodities trading market.
1990 – Skilling, an energy consultant, is hired to run a new subsidiary called Enron Finance Corp.
August 2001 – Sherron Watkins, a vice president, warns Lay that the company could “implode in a wave of accounting scandals.”
October 16, 2001 – Enron announces a third-quarter loss of $618 million. The company later reveals that it overstated earnings dating back to 1997.
November 9, 2001 – Enron confirms that it has agreed to be purchased by a rival company, Dynegy for $9 billion.
December 2, 2001 – Enron files for Chapter 11 bankruptcy protection.
January 10, 2002 – Arthur Andersen LLP, the accounting firm that handled Enron’s audits, discloses that its employees had destroyed company documents.
September 8, 2008 – A class action lawsuit filed by shareholders and investors is settled in federal court.
The $7.2 billion settlement will be paid out by a group of banks accused of participating in the accounting fraud scheme.
May 9, 2010 – “Enron,” a Broadway musical about the company’s collapse, closes on Broadway 12 days after opening amid slow ticket sales.
June 21, 2013 – A federal judge reduces Skilling’s sentence by more than 10 years.
In return, Skilling agrees to stop challenging his conviction and forfeit roughly $42 million that will be distributed among the victims of the Enron fraud.
December 8, 2015 – The SEC announces that it has obtained a summary judgment against Skilling,
permanently barring him from serving as an officer or director of a publicly held company. The judgment settles a long-running civil suit by the SEC.
February 21, 2019 – Skilling is released after serving over 12 years in federal prison.