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Tuesday, January 15, 2013

Important lessons from the Nortel trial

On Jan. 14, 2013, nearly nine years after the claimed fraud was alleged to have occurred, Ontario Superior Court Judge Frank Marrocco dismissed all charges against former Nortel Networks Corporation chief executive Frank Dunn as well as former chief financial officer Douglas Beatty and former controller Michael Gollogly.

All three executives were accused of defrauding Nortel and the public by deliberately misrepresenting Nortel’s financial results between 2001 and 2004, in order to maximize corporate bonuses due to them. The demise of Nortel — a telecom giant — is complex and the context of the telecommunications industry at that time is important to a deeper and more penetrating understanding of what went wrong.

More on this item from Terrence Corcoran at the Financial Post

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