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Canada charges Nortel execs with ’02 fraud

Fri, 06/20/2008 - 8:10am
Brian Santo

Canadian officials have charged several former Nortel executives with fraud for misstating financial results at the beginning of the decade.

Former CEO Frank Dunn faces seven counts. Also charged are former CFO Douglas Beatty and former corporate controller Michael Gollogly, according to the Royal Canadian Mounted Police.

The three are also alleged to have made false entries and omitted materials in Nortel's books. The charges date to between the start of 2002 and June 30, 2003, about the time of a recession in the telecommunications market, during which Nortel reported billions of dollars in losses and had to layoff thousands of employees.

In October 2007, Nortel paid $35 million to settle civil charges filed by the U.S. Securities and Exchange Commission (SEC) related to similar fraud charges.

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