The Ontario Securities Commission has closed its investigation into three former Nortel Networks executives who were acquitted of fraud last year.
The regulator says it’s no longer in the public’s interest for it to pursue the allegations against ex-CEO Frank Dunn, ex-CFO Douglas Beatty and ex-controller Michael Gollogly. The OSC allegations were originally filed in March 2007.
An Ontario judge found Dunn, Beatty and Gollogly not guilty of fraud last year.
(Sponsored)
Advanced Business Interiors (ABI) is Making Space Work in Ottawa
ABI’s journey began with a small team on Thurston Drive in 1989; four locations and almost 37 years later, Advanced Business Interiors is now one of the largest office furniture
From Davos to WGS: The new mindset of global capital, and what it means for Ottawa
Dr. Anirudh “AK” Kumar sits in CarMa’s headquarters at the ByWard Market, still visibly energized despite having landed from Dubai less than 24 hours ago. The founder and CEO of
The three were fired in 2004 and accused of being involved in a book-cooking scheme to trigger $12.8 million in bonuses and stock payments to themselves.
At its height in 1999 to 2000, Nortel was worth nearly $300 billion, employed more than 90,000 people globally and was regarded as one Canada’s most valuable companies.
In 2009, the company filed for bankruptcy in North America and Europe, shedding thousands of jobs.
