Three top Nortel Networks Corp. executives accused of defrauding the company and the public had their charges dismissed in a Toronto courtroom today, making them free men.
Ontario Superior Court Justice Frank Marrocco acquitted CEO Frank Dunn, former CFO Douglas Beatty and former controller Michael Gollogly on Monday.
They had been accused of deliberately orchestrating a scheme in 2002 and 2003 that triggered $12.8-million worth of bonuses for themselves while Nortel stock continued to tank, eventually becoming worthless as the company collapsed into bankruptcy.
Dunn, Beatty and Gollogly had been accused of adjusting the company's reserves to make it appear as though Nortel was hitting its targets.
The global telecom giant was once Canada's most valuable company with 90,000 employees, and stock that was trading —at its peak — at more than $124.50 a share. The firm was worth nearly $300 billion at its height.
The defence argued there were accounting errors made in the middle of a major restructuring at the company, but that no conspiracy or fraud was intended.
If convicted, each could have faced up to 10 years in prison.
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