Preston C. Clayton Jr., a resident of Eufaula, has filed a securities fraud lawsuit against Houston-based Enron Corporations, as well as some Enron officers and directors and the accounting firm Arthur Anderson. The complaint alleges numerous violations of federal securities laws, including the issuing of flawed financial statements. Both Enron Corporation and Arthur Anderson have been under scrutiny from shareholders, employees and now Congress after filing Chapter 11 bankruptcy on Dec. 2. The case is being filed in federal court in Houston. Attorneys representing Clayton are Jere Beasley and Rhon Jones of the Montgomery law firm Beasley, Allen, Crow, Methvin, Portis and Miles.

“I suspect that we have just sent the tip of the iceberg with Enron,” Beasley said. “Thousands of innocent people all over the country have been victimized by this corporate giant, and I believe that there will be much more wrongdoing discovered in the weeks to come.

“It is especially sad to see how others assisted them in their fraud and deception. Hopefully, the justice system will make the wrongdoers pay those who have lost their life-savings and retirement. They should also be punished severely for their sinister deeds.’

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