Frank Dunn
Frank A. Dunn is a Canadian business executive who was the chief executive officer of Nortel Networks. In 2007, the U.S. Securities and Exchange Commission filed civil fraud charges against him, and three former senior executives, in a wide-ranging financial fraud scheme.[1]
Dunn joined Nortel Networks (when it was still known as Northern Electric) as a management trainee in 1976, after graduating from McGill University. He was appointed CFO in 1999 under CEO John Roth. After Roth retired, Dunn became the CEO in November 2001 until he was fired for cause, along with several financial executives in April 2004.[2]
On June 19, 2008, Dunn (then aged 54) was arrested by the Royal Canadian Mounted Police, along with two other former Nortel executives, charged with fraud affecting the public market, falsification of books and documents and producing a false prospectus.[3]
On January 14, 2013, Dunn was found not guilty of falsifying financial reports in what prosecutors said was a scheme to report profits and gain bonuses. This came four years to the day after Nortel sought bankruptcy protection and began liquidating.[4]
On December 19, 2014, remaining civil charges from the OSC and SEC were simultaneously dropped against Dunn and several of his former colleagues.[5] Ultimately, no civil or criminal charges were successfully brought against Dunn or any others individuals connected to the Nortel accounting scandal.
References[edit]
- ^ "SEC Charges Four Former Senior Executives of Nortel Networks Corporation in Wide-Ranging Financial Fraud Scheme". Retrieved 2007-03-12.
- ^ "Frank Dunn". Archived from the original on January 4, 2005.
- ^ CRIMINAL CHARGES LAID AGAINST FORMER TOP EXECUTIVES OF NORTEL NETWORKS CORPORATION (“NORTEL”). June 19, 2008. Archived June 23, 2008, at the Wayback Machine
- ^ "FORMER NORTEL CEO FOUND NOT GUILTY IN FRAUD CASE". AP. Retrieved 14 January 2013.
- ^ "Nortel allegations finally fade away, with no apologies and no blame laid". Ottawa Citizen. Retrieved 31 December 2014.