Enron Fast Facts

Sherron Watkins, the Enron vice president who first called her company's finances into question, listens to a question following her keynote address to the Women's Economic Club luncheon March 26, 2001, in Dearborn, Michigan. (Photo by Bill Pugliano/Getty Images)
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.
    Timeline:
    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.
    May 25, 2006 - Skilling and Lay are convicted of conspiracy and fraud. Skilling is also convicted on one count of insider trading and five counts of making false statements. The jury acquits Skilling on nine additional counts of insider trading.
    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.