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SEC Reaches Deal with ex-Nortel Execs
By Mark Evans | December 5, 2007
Before anyone gets too excited about what the SEC has done, it has not struck a deal with ex-CEO Frank Dunn, ex-CFO Doug Beatty or ex-controller Michael Gollogly.
It has, however, reached an agreement in principle to settle a lawsuit against Craig Johnson, James Kinney and Kenneth Taylor. The trio, along with Douglas Hamilton, had civil fraud charges made against them earlier this year by the SEC in which the SEC alleged they were part of an accounting scheme that cooked the books to trigger a lucrative bonus plan.
For more, check out the Globe & Mail.
Last month, Dunn made a court filing in which he claims he “rescued” Nortel, and that the accounting issues were mistakes rather than fraud.
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Topics: Legal Issues |