SEC Ensnares More Ex-Nortel Execs In Fraud Suit

Law360, New York (September 12, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has added four former executives of Nortel Networks Corp. to an accounting fraud lawsuit for allegedly releasing more than $340 million in company reserves to meet earnings projections.

The SEC amended its complaint in a New York federal court on Wednesday to include Douglas A. Hamilton, Craig A. Johnson, James B. Kinney and Kenneth R.W. Taylor in its suit against Nortel executives for allegedly engaging in accounting fraud by manipulating reserves. They are accused of violating and aiding violations of...
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