Three former Nortel Networks executives are being criminally charged in Canada for misstating the company's financial results in 2002 and 2003.
Nortel's former CEO Frank Dunn along with former CFO Douglas Beatty, and former controller Michael Gollogly have been charged with fraud, according to the Royal Canadian Mounted Police. The executives were fired in 2004 as part of a massive accounting scandal at the company. As a result of the scandal, Nortel, which makes and sells equipment to phone companies, was forced to restate earnings as far back as 2001. In 2005, the company admitted it had overstated revenue by $3.4 billion.… Read more