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Violation Tracker Individual Record

Company: Arthur Andersen LLP
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Penalty: $7,000,000
Year: 2001
Date: June 19, 2001
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: Arthur Andersen LLP agreed to pay $7 million in connection with Andersen's audits of the annual financial statements of Waste Management Inc. for the years 1992 through 1996. Those financial statements, on which Andersen issued unqualified or clean opinions, overstated Waste Management's pre-tax income by more than $1 billion.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.