SEC Charges Four Ex-Nortel Execs
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TORONTO -- The U.S. Securities and Exchange Commission on Monday filed civil fraud charges against a former CEO and three other former top executives of Canadian telecom equipment maker Nortel Networks Corp.
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The Securities and Exchange Commission on Thursday filed fraud charges against hedge fund manager Robert Berlacher and the Lancaster group of hedge funds, alleging they engaged in an illegal trading scheme involving at least 10 unregistered securities offerings.
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ALEXANDRIA, Va.  - Six former executives of Time  Warner Inc.'s America Online unit and its former business  partner PurchasePro.com were charged with conspiracy to inflate  revenues, prosecutors said on Monday.
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TORONTO (CP) - The Ontario Securities Commission has told four Canadian mutual fund companies they face &quot;potential enforcement proceedings&quot; for improper trading.
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The Securities and Exchange Commission said Thursday it filed charges against three former executives of retailer Kmart Holdings (KMRT) in a $24 million accounting fraud case.
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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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Juniper Networks' former general counsel has been charged with violating SEC rules.
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Five former employees of Dynegy Inc., El Paso Corp. and Reliant Energy Inc. were indicted on US charges of reporting bogus energy trades.
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Nortel Networks is under investigation by the Royal Canadian Mounted Police for irregularities in past accounting practices. Announcement of the investigation -- two days before its release of first- and second-quarter financials -- caused ...
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Former Hewlett-Packard Chairwoman Patricia Dunn, the company's former senior  counsel and three others face four charges each in connection with the boardroom leak scandal at HP, according to The New York Times.
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NOVEMBER 15, 2004  - Four former Microsoft Corp. employees have been charged with theft, conspiracy, mail fraud and money laundering in connection with the alleged theft and resale of $32 million of Microsoft software.
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The Royal Canadian Mounted Police (RCMP) have launched a criminal investigation into the financial accounting practices of network gear maker Nortel Networks Corp. just days before the company is set to release some of its restated financial results.
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The U.S. government on Thursday charged 13 people, including employees at major Wall Street banks, with securities fraud, wire fraud, bribery and other charges in what authorities are calling one of the most pervasive insider trading rings in years.
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Four Canadian mutual fund firms have found themselves on the hot seat with the Ontario Securities Commission after an investigation into alleged trading violations in the industry.
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Federal prosecutors today unsealed criminal charges against more than a dozen people -- including former executives at three of Wall Street's elite investment banks and traders at prominent hedge funds -- for engaging in thousands of improper trades in a pair of wide-ranging schemes.
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Canadian authorities will begin a criminal investigation into financial accounting woes at Nortel Networks , the company said today.
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The U.S. Securities and Exchange  Commission said on Tuesday it brought civil fraud and insider  trading charges against former top executives of bankrupt  credit card issuer NextCard Inc. NXCD.OB