The Arthur Andersen firm was convicted of obstruction of justice for its actions in the Enron case. This conviction was shredding.
A Chicago-based American accounting firm called Arthur Andersen served big businesses by offering audits, tax advice, consulting, and other expert services. Nine months after the crisis began, in 2002, the company was found guilty of offenses related to the auditing of Enron. At that point, Arthur Andersen had lost the majority of its clients, 28,000 of its staff, and was dealing with multimillion dollar litigation. The firm officially went out of business on August 31, 2002, when it renounced its certification as a certified public accounting firm in the United States. Due to substantial mistakes in the trial judge's instructions to the jury that found Arthur Andersen guilty, the United States Supreme Court unanimously overturned the firm's conviction in 2005.
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