Former Nortel execs acquitted of fraud

Jan 14, 2013

A Canadian court on Monday acquitted three top executives of former high-flying telecom company Nortel accused of defrauding the now-defunct firm, citing a lack of evidence.

Ontario Superior Court Justice Frank Marrocco said prosecutors did not prove "beyond a reasonable doubt" accusations against chief executive Frank Dunn, Douglas Beatty and controller Michael Gollogly.

The trio was accused of scheming, in 2002 and 2003, to pocket millions of dollars in bonuses by making it appear as if Nortel was doing better than it was, when it was actually failing.

The defense acknowledged accounting errors were made in the middle of a major restructuring at the company, but refuted suggestions of a conspiracy or fraud.

Nortel, once Canada's largest firm, filed for bankruptcy in 2009 after a string of accounting scandals and was sold off piecemeal.

Explore further: Monoprice takes on Amazon in trade of cheap electronics

add to favorites email to friend print save as pdf

Related Stories

Nortel strikes deal to sell business unit to Avaya

Jul 20, 2009

Canadian telecom equipment maker Nortel said Monday it reached a deal to sell its enterprise solutions business to US-based Avaya for 475 million dollars pending approval of a bankruptcy court.

Judges in US, Canada approve Nortel patents sale

Jul 11, 2011

(AP) -- U.S. and Canadian judges have approved a $4.5 billion cash bid from a consortium that includes smartphone makers Apple and Research In Motion for patents held by bankrupt telecom-equipment maker Nortel.

Canada won't review $4.5B sale of Nortel patents

Jul 19, 2011

(AP) -- The $4.5 billion sale of Nortel's patent portfolio to a consortium including Research In Motion Ltd. cleared another hurdle Tuesday as the Canadian government said the deal does not need to be reviewed under the ...

Courts OK $1.13B sale of Nortel assets to Ericsson

Jul 28, 2009

(AP) -- U.S. and Canadian courts have approved Swedish wireless company LM Ericsson's $1.13 billion bid to buy next-generation wireless technology and other assets from insolvent telecom equipment maker Nortel Networks Corp.

India denies bail to executives in telecom fraud

May 23, 2011

An Indian court denied bail Monday to five top executives accused in a massive telecom scandal that has rocked the Congress-led government, saying the charges against them are too serious.

Recommended for you

Chinese tech giant Alibaba set to make a splash with US IPO

11 hours ago

The largest tech IPO of the year will come from a company that many Americans have never heard of. Alibaba Group - a Chinese e-commerce behemoth - has decided to go public in the U.S. after months of speculation that it would ...

Ex-Apple chief plans mobile phone for India

Apr 19, 2014

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Apr 19, 2014

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

User comments : 0

More news stories

Growing app industry has developers racing to keep up

Smartphone application developers say they are challenged by the glut of apps as well as the need to update their software to keep up with evolving phone technology, making creative pricing strategies essential to finding ...

Making graphene in your kitchen

Graphene has been touted as a wonder material—the world's thinnest substance, but super-strong. Now scientists say it is so easy to make you could produce some in your kitchen.