Wednesday, June 18, 2008

Former Nortel Execs Charged with Fraud

The Royal Canadian Mounted Police (RCMP) filed criminal charges against Frank Dunn, the former CEO of Nortel; Douglas Beatty, the former CFO of Nortel; and Michael Gollogly, the former Corporate Controller of Nortel.


The RCMP allege that Dunn, Beatty and Gollogly fraudulently misstated the financial results of Nortel. The RCMP further alleges that Dunn, Beatty and Gollogly made false entries and omitted materials particular in the books and documents in regards to the financial results of Nortel. The charges also allege that Dunn, Beatty and Gollogly circulated or published a statement or an account whether or not it was written or oral, knowing that it was false in a material particular, with the intent to deceive or defraud the members, shareholders or creditors of Nortel Networks Corporation. All of the charges pertain to the fiscal time period between January 1, 2002 and June 30, 2003, and allege that the financial statements of Nortel during this time period were misstated. http://www.nortel.com

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