|  | | 2008 News and Press Releases | | |
HEADLINE NEWS:
Former Nortel VPs Strike Deal With SEC
Ben James
Portfolio Media, New York. May 1, 2008
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EXCERPT: Three Nortel Networks Corp. former vice presidents have struck deals to settle U.S. Securities and Exchange Commission charges stemming from their alleged involvement in earnings management fraud in 2002 and 2003. If the deal is approved by the court, Craig A. Johnson, James B. Kinney and Kenneth R.W. Taylor will not admit any wrong doing but will shell out a total of more than $400,000 in civil penalties, disgorgement and interest. The proposed final judgments also bar Johnson, Kinney and Taylor from serving as an officer or director of any public company for five years and permanently enjoin them from violating the anti-fraud and book and records falsification provisions of federal securities laws, the SEC said.
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