Three ex-Nortel employees have settled fraud charges with the SEC in the wake of allegations they kept improper accounting reserves in Q4 of 2002.
Craig Johnson, James Kinney and Kenneth Taylor, who were VPs of finance for the wireline, wireless and enterprise business units respectively, agreed to each pay $75,000, and will be barred from acting as an officer or director of any public company for five years.
The trio did not admit to or deny the SEC’s allegations.
Ex-Nortel Execs Settle with SEC
Three ex-Nortel employees have settled fraud charges with the SEC in the wake of allegations they kept improper accounting reserves in Q4 of 2002.
Craig Johnson, James Kinney and Kenneth Taylor, who were VPs of finance for the wireline, wireless and enterprise business units respectively, agreed to each pay $75,000, and will be barred from acting as an officer or director of any public company for five years.
The trio did not admit to or deny the SEC’s allegations.
Source: Reuters.
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