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Last updated at: (Beijing Time) Thursday, October 17, 2002

Andersen Gets $500,000 Fine, 5 Years Probation

Arthur Andersen, the U.S. accounting firm that once represented the gold standard in auditing, was fined $500,000 and sentenced to five years probation Wednesday for obstructing a federal investigation of Enron last year.


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Arthur Andersen, the U.S. accounting firm that once represented the gold standard in auditing, was fined $500,000 and sentenced to five years probation Wednesday for obstructing a federal investigation of Enron last year.

Andersen's indictment and conviction in the Enron scandal has already cost the former Big Five accounting firm its auditing practice, thousands of clients and almost all of its employees. Its sentencing Wednesday came a year to the day after Enron announced more than $1 billion of accounting errors, unleashing a wave of investigations and disclosures that pushed Enron into bankruptcy court and brought down its former auditor.

U.S. District Court Judge Melinda Harmon's sentence �� the maximum penalty under the law �� was a foregone conclusion for Andersen and its lawyers. The firm plans to appeal the guilty verdict that a Houston jury handed up in June.

Source: Agencies


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