Comment by msgodel

Enron was an energy futures brokerage/exchange that made the age old mistake of market making your own order book with unlimited margin from... yourself. Always very tempting, never a good idea.

It's exactly the same thing FTX did except with energy instead of crypto.

AFAIK they never misrepresented who they were, they were just very loose with their accounting. It probably started out as a small lie to themselves like those things tend to.