Ex-Nortel Execs Tied Into SEC Fraud Suit

Law360, New York (March 12, 2007, 12:00 AM EDT) -- Four former executives at Toronto-based Nortel Networks Corp. have been accused of taking part in a fraudulent financial scheme from September 2000 through January 2004 in order to meet earnings targets.

The U.S. Securities and Exchange Commission said Monday it initiated civil charges against Frank Dunn, a chief financial officer who was later promoted to chief executive; Douglas Beatty, who also served as chief financial officer; Michael Gollogly, a one-time controller; and MaryAnne Pahapill, a one-time assistant controller.

SEC’s allegations came as the Ontario Securities Commission...
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