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Former Nortel Execs Await Corporate Fraud Ruling

Posted by samzenpus on from the day-of-reckoning dept.

An anonymous reader writes "Three former Nortel executives accused of orchestrating a widespread multimillion-dollar fraud will learn their fate in Toronto on Monday, nearly a year after one of the largest criminal trials in Canada's corporate history began. Ontario Superior Court Justice Frank Marrocco is set to rule on whether ex-CEO Frank Dunn, ex-CFO Douglas Beatty and ex-controller Michael Gollogly manipulated financial statements at Nortel Networks Corp., between 2002-2003. The men, who each face two counts of fraud, are accused of participating in a book-cooking scheme designed to trigger $12.8 million in bonuses and stocks for themselves at the once powerful Canadian technology giant."

3 of 59 comments (clear)

  1. Re:One of the execs by coastwalker · · Score: 3, Insightful

    Shame about all the people who used to work for the company who lost their pensions too because it was mostly invested in Nortel stock.

    Still you should be thankful as you live out your last years in a trailer that the problem of over regulation by the government is being valiantly fought over by Fox news and the WSJ.

    Unfettered wealth creation by the super rich for the super rich should never be held back!

    --
    Facts are history now plebs have politics for religion on social media.
  2. Re:One of the execs by rHBa · · Score: 4, Insightful

    Assuming they are found guilty they should be hit with massive fines AND jail sentences.

    If Aaron Swarts can be threatened with 30 years and massive fines for essentially a victimless crime...

  3. Re:One of the execs by MickyTheIdiot · · Score: 3, Insightful

    I don't know what the odds of this are in Canada, but in the U.S. the odds of corporate execs being held accountable are almost nil.