Former Nortel Execs Await Corporate Fraud Ruling

Posted by samzenpus on Sunday January 13, 2013 @10:00PM 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."

2 of 59 comments (clear)

Min score:

Reason:

Sort:

One of the execs by Anonymous Coward · 2013-01-13 22:05 · Score: 5, Interesting

One of the execs got rid of ALL of their stock two days before it tanked.
Now, if your daughter is going to start at an Ivy League school and you need a few hundred grand, that may just be co-incidence.
But I don't think that happened.
1. Re:One of the execs by thebigmacd · 2013-01-14 00:13 · Score: 5, Interesting
  
  Canada has a prime minister, last time I checked.
  The individual campaign contribution limit in Canada is $1000. Corporate and union campaign contributions are illegal, and all lobbyists must be registered as such. Transfers from trust funds etc are illegal.
  Our Federal election campaigns are 6 weeks long and politicians go into debt to finance them. Campaign spending is limited by law. If you spend more than the limit, you could have your seat taken from you and a by-election called.