After a six-week trial and jury deliberations of 10 days, Andersen has now been found guilty of obstructing justice and the verdict seems certain to hasten the demise of the firm.
The firm's conviction means that it will automatically lose the ability to audit public companies and makes the accounting business vulnerable to class-action lawsuits by Enron shareholders.
Andersen has already advised the US Securities & Exchange Commission that it will cease practising before the Commission by August 31st, unless the regulator determines that another date is appropriate.
Andersen Found Guilty
Bloomberg reports that Arthur Andersen LLP was convicted of obstructing justice as US jurors rejected the firm's explanation concerning the shredding of documents and the altering of Enron Corp. documents.
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