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.
OBJ360 (Sponsored)
Mini home? Tiny house? Here’s what you need to know before investing
Building a backyard coach house is easier thanks to Bill 23, and Ottawa General Contractors are helping home owners make it happen.
Carleton Place: The charming small town where heritage and nature intertwine
Whether you’re looking to get away for the day or a long weekend, Carleton Place is a friendly town that offers plenty of options for anyone.
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.