SEC slaps Black, Radler with fraud charges
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US securities officials charged the disgraced former press baron, Conrad Black, and his former deputy, David Radler, with securities fraud in connection with alleged wrongdoing at Hollinger International.
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U.S. and Canadian stock regulators filed fraud charges on Monday against several former executives of Nortel Networks, accusing them of twisting accounting practices to make it seem that the company was meeting Wall Street expectations.
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The Securities and Exchange Commission filed a lawsuit yesterday accusing the newspaper tycoon Conrad Black and his former top deputy of defrauding shareholders of Hollinger International Inc. , a publishing company Black used to run.
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(InfoWorld) - U.S. and Canadian stock regulators filed fraud charges on Monday against several former executives of Nortel Networks, accusing them of twisting accounting practices to make it seem that the company was meeting Wall Street expectations. The U.S. Securities and Exchange Commission charged Frank Dunn, Nortel's former CEO and CFO, Douglas Beatty, the former CFO and controller, Michael Gollogly, the former controller and MaryAnne Pahapill, the former assistant controller. Meanwhile, the Ontario Securities Commission announced it would hold a hearing on May 1 to consider sanctions against Dunn, Beatty and Gollogly. The charges come as Nortel struggles to recover from the scandal. The company had fired or accepted resignations from all four managers by 2005, but is still repairing the damage to its financial records and its reputation. On March 1, Nortel said it would post yet another round of financial restatements and delay the filing of its 2006 annual report. The defendants all disregarded accounting practices and disclosure requirements in their effort to manipulate the books at the Canadian telecommunications equipment maker, the SEC said in charges filed in the U.S. District Court for the Southern District of New York. "The fraudulent conduct at issue here was egregious and long-running," said Linda Thomsen, director of the SEC's division of enforcement, in a statement. "Each of the defendants betrayed Nortel's investors and their misconduct gave rise to billions of dollars in shareholder losses." According to the SEC, between late 2000 and January 2001, Dunn, Beatty and Pahapill changed Nortel's revenue-recognition policies so they could appear to meet financial forecasts. And from July 2002 through June 2003, Dunn, Beatty and Gollogly created an illegal pool of reserve funds they used to fabricate profits, meet earnings targets and award bonuses. Then, in the second half of 2003, Dunn and Beatty tried to cover their tracks by explaining the company's $948 million restatement as an accounting error caused by internal control mistakes, the SEC said. That restatement was actually caused by the secret fund. Although he did not address the charges, one of the defendants quickly denounced the SEC for charging executives of a company outside U.S. borders. "I am disappointed that, after three years, the [SEC] has brought charges on the same day in respect of the same matter as the Ontario Securities Commission," said Dunn in a statement. "I think it would have been appropriate, under the circumstances, if the authorities in the United States had deferred to the Ontario Securities Commission in what is really a Canadian matter, and had acknowledged that the Canadian authorities are fully capable of addressing these important issues." However, the SEC insisted that it had jurisdiction since Nortel's stock trades on U.S. exchanges. "The action we take today sends a strong message that officers of U.S.-filing foreign corporations will be held to the same standards of accountability that are required of all participants in the U.S. financial markets," Thomsen said. Â
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U.S. regulators on Monday charged  newspaper tycoon Conrad Black and his top lieutenant with  siphoning more than $85 million from the company they ran and  moved to bar them from serving as officers of a public company.
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BOSTON (CBS.MW) -- The Securities and Exchange Commission has charged Beverly Hills broker-dealer National Clearing Corp., its parent company and three executives with fraud for facilitating illegal trading in mutual funds.
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Newspaper tycoon Conrad Black and his top lieutenant were charged by regulators on Monday with siphoning more than $85 million from the company they ran, and they face a move to bar them from serving as officers of a public company.
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Black was charged with fraud yesterday by the US Securities and Exchange Commission (SEC), accusing him of using the company as, what they termed, his personal piggy bank.
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Fallen newspaper tycoon Conrad Black&#39;s  conviction on Friday on fraud and obstruction of justice  charges was the latest chapter in a five-year-old U.S.  crackdown on corporate wrongdoing that started off strong but  has suffered some embarrassing setbacks.
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Employees of some of Wall Street's top banks were among more than a dozen people charged on Thursday in what authorities called one of the most pervasive insider trading rings since the 1980s, accused of using leaked information and even blackmail to make millions of dollars.
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The US Securities and Exchange Commission accused Black and Radler of milking the US-based media group of at least $85m in a complaint filed in US district court in Illinois.
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The U.S. Securities and Exchange Commission said on Tuesday it charged the former chief financial officer and former controller of Engineered Support Systems Inc. with stock options backdating fraud.
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The defendants include former and current employees at major Wall Street firms such as Morgan Stanley and Oppenheimer.
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Former Canadian and UK media tycoon Conrad Black is charged with fraud by US regulators.
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The US Securities and Exchange Commission has accused Conrad Black and his Vancouver partner, David Radler, of defrauding Hollinger International Inc.
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Newspaper tycoon Conrad Black and his  top lieutenant were charged by regulators on Monday with  siphoning more than $85 million from the company they ran, and  they face a move to bar them from serving as officers of a  public company.
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Faces fraud charges related to alleged backdating of stock options at the security specialist while it was known as Network Associates.