All it takes is a little patience. F. Scott Yeager, a former Enron executive, got some good news from the 5th Circuit Court of Appeals in New Orleans, which ruled that it wouldn't revisit his case. So, he no longer has criminal charges related to financial fraud hanging over him. Yeager has been acquitted on all counts. This follows a June ruling by the Supreme Court, which tossed a previous 5th Circuit Court ruling that could have resulted in a new trial.

The ruling said, "Today, ... it is clear under our initial ... analysis the jury made a finding in acquitting Yeager that precludes prosecution on insider trading and money laundering." Samuel Buffone, who was one of Yeager's attorneys, stated that his client shouldn't have been indicted to begin with and didn't do anything wrong. It has taken them seven years to get to this point.

Yeager landed in hot water because he sold stock in Enron for more than $54 million before it began the plunge that would ultimately end with its bankruptcy in 2001. He faced 125 counts, was acquitted of five (four for wire fraud and one for conspiracy to commit wire and securities fraud) and wound up with a hung jury for the remaining 120, which included insider trading and money laundering. He was later indicted again on 13 counts of insider trading and money laundering.

This post is part of a series on some of the most memorable companies that have disappeared.

Arthur Andersen (1913 to 2002) spent decades as a leading accounting and consulting firm. Founded in 1913, it was once a member of the "Big 8" accounting firms, which later became the "Big 5." Andersen was the accountant for MCI and Worldcom. Even though it's been dead for six years, it left one offspring -- it spun off its Andersen Consulting unit in 1989. The renamed Accenture (NYSE: ACN) went public at $14.50 in July 2001 -- the share price is up 176% since then.

Andersen's downfall was its role as Enron's auditor. It used its credibility to bless Enron's special purpose entities and a whole host of illegal accounting. In 2002, the firm voluntarily surrendered its licenses to practice as CPAs after being found guilty of criminal charges, resulting in the loss of 85,000 jobs.

The lesson is to resist the lure of big money to pull you away from your values. Enron's pile of cash was irresistible to Andersen's leaders. And their lack of moral fiber cost a storied and proud firm its existence.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Accenture.

Let us know in the comments what you remember about Arthur Andersen. And be sure to check out other Companies That Have Vanished.

It's hard to believe that not so very long ago, Arthur Andersen was the accounting firm. But, of course, Enron destroyed that and the company has since gone bust.

But, even dead companies still need to fight legal battles. And today, Andersen agreed to shell-out $72.5 million to settle claims on the Enron debacle. In light of the loss of jobs, pensions and shareholder value, it's a pittance.

It's also an indication that Corporate America is still vulnerable to financial shenanigans. Despite new laws like Sarbanes-Oxley, there are still companies that try to push the envelope -- or even commit crimes.

It seems ironic that on the day that Andersen announces its settlement is also the day that New Century Financial Corp. (NYSE: NEW) had its stock halted. In fact, it looks like the company is facing the same type of liquidity crisis that Enron did.

Yes, it's a bit of déjà vu all over again.

So over the next few years, we can expect some tantalizing books on New Century and perhaps a movie.

As for learning lessons? I'm not sure about that.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.