Originally posted on National Post | News:
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.
The men, who each face two counts of fraud, are accused of participating in a book-cooking scheme designed to trigger $12.8 million in bonuses and stocks for themselves at the once powerful Canadian technology giant.
The accused, who were fired in 2004, have all pleaded not guilty to the charges.
If convicted, each could face up to 10 years in prison.
Justice Marrocco was the lead prosecutor in the Bre-X Securities case — the largest corporate fraud case in Canadian history —…
View original 627 more words