Canadian Authorities Charge Former Nortel Execs

More than a year after the Securities and Exchange Commission charged four former Nortel Networks executives with fraud, the Royal Canadian Mounted Police have followed suit, levying charges against three of those four.

The governing body said this week that former CEO Frank Dunn, former CFO Douglas Beatty and ex-corporate controller Michael Gollogly face a number of charges, including fraud affecting the public market; falsification of documents; and false prospectus.

Former assistant controller MaryAnne Pahapill was not named in the charges.

The four former executives were fired in 2004 after investigations into alleged misconduct throughout 2002 and 2003. Dunn, Beatty and Gollogly appeared in Canadian court this week. Nortel said in a statement the company hasn’t been charged, as it wasn’t the target of the investigation.

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