SEC To Fine Nortel $100M: Report

Law360, New York (June 8, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has plans to fine telecom equipment manufacturer Nortel Networks Corp. $100 million for accounting fraud, according to reports published on Friday.

SEC attorneys received permission from commissioners in May to levy the fine, according to Bloomberg News.

If imposed on Nortel, the fine will be one of the first tests of a policy that allows individual commissioners more discretion in imposing fines on businesses.

The fine will be the latest chapter in a financial scandal that rocked the company and...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.