An Ontario judged dismissed a case against three former Nortel Networks Corp. executives who were charged with accounting fraud at what was once North America’s largest telephone-equipment maker before its collapse in 2009. Judge Frank Marrocco said the burden of proof was not met in fraud charges against former Chief Executive Officer Frank Dunn, former Chief Financial Officer Douglas Beatty and former Controller Michael Gollogly. Marrocco made the ruling today in Toronto. “I am not satisfied beyond a reasonable doubt” that the three executives “deliberately misrepresented the financial results of Nortel Networks,” Marrocco wrote in his 141-page ruling.Greg Lafontaine, Beatty’s lawyer, said the decision was “fantastic.” The verdict “was bang on with what the evidence dictated,” he told reporters outside the court house. Beatty, standing next to his lawyer, smiled but said nothing. Beatty will now be “moving on,” Lafontaine said. [Bloomberg]
“This is rearranging the deckchairs on the Titanic. To regulators, they have always been giving warnings that if you close one down, we will be the Big 3 – so leave us alone, as we are ‘too big to fail’. Fundamentally, it’s the leadership culture and aggressively commercial model of these firms which is broken […]
Bloomberg reported on Saturday: A special parliamentary investigator lists far-reaching shortcomings in Ernst & Young’s audits of Wirecard AG before the German financial technology company collapsed last year, a person familiar with the report said. The investigator lists about 11 incidences where EY failed to take measures to uncover the multibillion fraud, said the person, who spoke […]
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.