Frank dunn trial

The scandal led to the firing of the three defendants in With the company taking heavy losses, Dunn eliminated tens of thousands of jobs, sold plants, shut business lines and slashed costs. Nortel filed for bankruptcy protection four years ago.

Critics have long argued that Canada is soft on white-collar crime, and some high-profile cases have dragged on for years, in contrast with cases in the United States that have led to long prison sentences for corporate criminals. Social Sharing. If convicted, each would have faced up to 10 years in prison. Related Stories Timeline. As a result, Hubbard alleged, they defrauded the public shareholders, and Nortel.

When the positive quarterly results were issued, Nortel stock rose. Ultimately, however, the company had to restate its financial results several times, undermining investor and customer confidence. The funds were accrued liabilities, certain items such as possible costs in a lawsuit that have to be allocated to a corporate balance sheet under Generally Accepted Accounting Principles GAAP.

There were no dishonest acts. Dunn ever asked anyone to do anything dishonest, or to create false financial statements. Dunn ever asked anyone to hide relevant documentation from the auditors, or to engage in any dishonesty in relation to the auditors. There is no evidence that Mr. Dunn ever asked or instructed anyone to create false or misleading documentation. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Financial Post Top Stories will soon be in your inbox.

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