SEC, OSC drop charges against Dunn
2014-12-19 19:42 ET - Street Wire
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by Mike Caswell
The U.S. Securities and Exchange Commission and the Ontario Securities Commission have dropped cases they were pursuing against former Nortel Networks Corp. president Frank Dunn. The regulators had claimed that Mr. Dunn and others manipulated the company's earnings between 2000 and 2003. His efforts were designed to make the company appear as if it were meeting Wall Street's expectations, the SEC said.
The dismissal is contained in simultaneous court and administrative filings made on Friday, Dec. 19, by both regulators. In addition to dropping the cases against Mr. Dunn, the regulators have abandoned actions against four other former Nortel executives they were pursuing: Douglas C. Beatty, Michael J. Gollogly, MaryAnne E. Pahapill and Douglas A. Hamilton. The SEC charges had been stayed since 2009 while a parallel criminal matter went ahead against Mr. Dunn, Mr. Beatty and Mr. Gollogly. In January, 2013, a judge acquitted the three of those charges.
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my parents lost almost half of their rrsp savings by investing in nortel. so who do they sue now that the management was not responsible for the collapse of the company. how can all these lawyers, accountants, osc staff, tsx staff, sec staff, cra staff, etc allow the biggest company in canada to collapse and declare bankruptcy. All these people and organizations should be held accountable for their actions, but it will be shoveled under the rug and buried forever.
Posted by xyz shareholder at 2014-12-22 23:07
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