Court dismisses fraud charges against three Nortel executives

Reuters News
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Posted: Jan 14, 2013 10:33 AM
Court dismisses fraud charges against three Nortel executives

TORONTO (Reuters) - An Ontario Superior Court on Monday dismissed fraud charges against former Nortel Networks Chief Executive Frank Dunn and two other top executives of the failed telecom equipment supplier following a year-long trial involving one of the most spectacular casualties of the 1990's dot-com bubble.

Dunn, along with former Chief Financial Officer Douglas Beatty and former Controller Michael Gollogly, had been accused of misrepresenting Nortel's financial results between 2000 and 2004 in a plan that prosecutors alleged brought them bonus payments while defrauding investors.

(Reporting By Susan Taylor and Allison Martell, writing by Cameron French; Editing by Janet Guttsman)