Case 14: Dynegy (2002)

• Prof. Dr. Klaus Henselmann
• Dr. Stefan Hofmann

At the beginning of the new millennium, Houston-based Dynegy Inc. was a highflyingbusiness rival of the Enron Corporation. Of course, the accounting fraud at Dynegy never reached the scale of notoriety of that at neighbouring Enron. However, Dynegy issued materially misleading information to the investing public as well. The matter involved (1) Dynegy’s overstatement of its energy-trading activity resulting from fraudulent “round-trip” or “wash” trades, and (2) Dynegy’s improper accounting for a complex web of financing transactions, known as “Project Alpha”.

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