SEC slaps Black, Radler with fraud charges
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WASHINGTON  - 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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The accused include a Morgan Stanley compliance official, a UBS research executive and traders for hedge funds and brokerage firms.
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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
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Conrad Black&#39;s legal woes piled up yesterday when the United States&#39; financial watchdog filed a civil lawsuit against him, alleging that the former Daily Telegraph tycoon used the company, Hollinger International, as a &quot;personal piggybank&quot;.
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CHICAGO -- A federal jury convicted fallen media tycoon Conrad Black and three of his former executives at Hollinger International Inc. Friday of illegally pocketing money that should have gone to stockholders.
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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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A New York stockbroker was indicted on  Thursday on securities fraud and other charges in connection  with New York Attorney General Eliot Spitzer's probe into late  trading in mutual funds, Spitzer said.
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US regulators filed fraud charges on Monday against former Hollinger International Inc. (HLR.N: Quote, Profile, Research) Chairman Conrad Black and his deputy, David Radler.
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Financial services regulator NASD said  on Monday it has charged H&R Block Financial Advisors Inc.  HRB.N with fraud related to the sale of Enron Corp.  ENRNQ.PK bonds immediately preceding Enron's bankruptcy in  2001.
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CHICAGO -- Former media mogul Conrad Black was convicted yesterday of swindling the far-flung Hollinger International newspaper empire he once ran out of millions of dollars, becoming the latest in a wave of disgraced corporate executives to face possible prison time for financial fraud.
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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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US 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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H&amp;R Block Inc.&#39;s (HRB.N: Quote, Profile, Research) financial advisors unit was charged with fraud by the NASD for misrepresenting the risks to investors of bonds from Enron Corp.
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The Securities and Exchange Commission has filed filed civil fraud charges against both Lord Conrad Black and his former deputy at Hollinger International, David Radler.
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The former N.Y.S.E. trader, Donald R. Foley II, who worked at Fleet Specialists, faced two counts of securities fraud.
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A prosecutor accused media mogul Conrad Black and three former Hollinger International newspaper executives yesterday of systematically stealing $60 million from the company and creating an elaborate but bogus paper trail to hide the theft from shareholders.
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A New York stockbroker was indicted on  Friday on charges of stealing more than $4.1 million from three  Wall Street firms, prosecutors said.