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As a result of the massive fraud at Enron, an energy company based in Houston, Texas, shareholders lost tens of billions of dollars. Many Enron executives, Enron's accounting firm and certain bank officials were indicted. Andrew Fastow, Enron's former finance chief, testified that many of the bank's transactions were contrived, deceptive deals done solely to create the false appearance of profits and cash flow.
10 financial frauds that shook the world
Kenneth Lay, the founder of Enron whose spectacular implosion in 2001 lead to one of the biggest fraud cases in history, was convicted of fraud for duping investors over the health of Enron's finances before it plummeted into bankruptcy. Prosecutors accused Lay of pocketing over 40 million of investors' money, and Lay was charged with 11 counts of securities fraud.