Nortel trial focuses on ‘optics’ of bonus payments
Mon, 01/30/2012 - 15:59 EDT - Financial Post
Drawing on a conversation between Frank Dunn and a senior-ranking finance employee in the spring of 2003, Crown prosecutors attempted Monday to place the former Nortel chief at the centre of an alleged fraud
TORONTO — Three former Nortel executives accused of orchestrating a widespread multimillion-dollar fraud will learn their fate Monday, nearly a year after one of the largest criminal trials in Canada’s corporate history began.
Ontario Superior Court Justice Frank Marrocco is set to rule on whether ex-CEO Frank Dunn, ex-CFO Douglas Beatty and ex-controller Michael Gollogly manipulated financial statements at Nortel Networks Corp., between 2002 to 2003.
In the wake of the acquittals of three former senior Nortel Networks executives, the biggest threat to CEOs, senior managers, employees and shareholders in the brave new world of corporate governance may be the company’s board of directors.
Pilloried in the past for doing too little at the whiff of potential trouble, boards now increasingly overreach and do so with impunity, even if means destroying a company.
Former Nortel Networks Corp chief executive Frank Dunn and two other senior financial executives engineered a loss in the final quarter of 2002, then artificially swung the company to back-to-back profits the Crown said
An order from former Nortel chief Frank Dunn to senior accountant Brian Harrison to prop up the telecom giant’s reported earnings is a fallacy conjured up by Crown prosecutors, the ex-CEO’s defence counsel said
OTTAWA — Three Ottawa-area teenage girls befriended other teens on the Internet and then forced them to work as “escorts,” a court was told Monday.
The three accused teens recruited or attempted to recruit teenage girls from Ottawa through Facebook or other social media, Crown prosecutor Julien Lalonde told youth court on the opening day of what is expected to be a month-long trial.
The alleged fraud committed against Nortel Networks Corp by three former executives now standing trial would have required broad internal consent as well as cooperation from the firm's external auditors, defence lawyers argued Thursday, calling the premise 'preposterous'