Why the Former Nortel executives not guilty, OSC is guilty and the judge

Why the Former Nortel executives not guilty, OSC is guilty and the judge

Everybody in Canada love to defraud the Chinese Warren Buffet and our investors! Canadian Government need to protect and pay investors, instead to defraud them under the name of protection and the public.

It is important to compare the crown cases, Nortel Fraud case with Chinese Warren buffet, an anti-fraud case, and what justice do we have in our country and why do we, the people, need to elect a judge who has the absolute power and power to collapse. It proves that in Canada if your white collar and lawyered up – you go free ….with a bonus in the millions ….of course

Nortel executives not guilty in court, but guilt in the opinion of public. Weizhen Tang is found guilty in court, but not guilty with investors and the public.

Weizhen Tang, surely, is not only unique in the investment world, but also in standing up to, in my mind, the injustices of certain aspects of the Financial and Criminal Justice System.

Nortel, which was born in 1882 as Bell’s in-house mechanical department, becomes a completely independent company after Bell Canada Enterprise distributes 94 per cent of its stake to shareholders on May 1, 2000 and the Bell and Nortel CEO know what was going on and it was fraud, they did not only put investors at risk and it was obvious that they intended to make investors lost all their money.

On July 26, 2000: Nortel shares peak at $124.50. At its height, Nortel employed more than 90,000 workers worldwide and was worth nearly $300 billion. During the technology boom in 1999-2000, it was one of Canada’s most valuable companies to go broke and forced investors to hold the empty bag. OSC and law enforcement did not investigate and could not investigate the real fraud of 300 billion dollars and who took it, but the crown lied to the public that I, Weizhen Tang, was fraudster and convicted me of 52 million dollars fraud, not minus 50 million dollars to give, I raised 60 million dollars in three years, not defrauded 60 millions into Canadian and to the financial industry and to the market and the economy, it was a contribution, not crime, there 35 million dollars withdrawal by investors and close to 19 million lost in the market when all investors lost minimum of 50% and 2.84 in business operation, two million dollars in the investment accounts in US and Canada brokerage firms, nothing personal gain, but I had a personal loss of over 1.5 million dollars. When investors lost money, I lost the most, just the opposite to the case in Nortel and I still take the whole responsibility and all investors their loss and promise to make money and return to investors, Weizhen Tang constantly show great trading and profitable ability to investors and promise and swear to make money in the market to pay them back in the future, is this not a man of character and integrity? Is that a fraud or anti-fraud? .

The CEO and all the upper echelon managers at Nortel Networks got away again. If this trail was in the U.S.A, the three accused would be facing 20 years in jail. The guess the judge forgot the suffering of the people who lost their jobs, pensioners and people on long term disability that all got shafted, while Frank Dunn walked away with $134M in a huge personal gain. John Roth walked away with $245M. They are building their $20M mansions in Oakville and New Caledonia! Weizhen Tang, the Chinese Warren Buffett live in a ordinary, moderate house in North York, bought at $418,000 almost 15 years, is going to force to foreclose by the TD bank because OSC and forced to live on welfare.

The Nortel fraud trial was being presided over by Mr. Frank Marrocco, who was the lead prosecutor in the case of Bre-X Securities, the biggest corporate fraud in Canadian history and had no credibility and does not care about investors and employees. The interests of investors and the public, the democracy mean nothing to him and his colleagues and the court. He had the absolute power to decide who is guilt, who is not. His view is above everybody and is the law and he is the God for no reason, but position.

Investors and the public were very angry and frustrated with Nortel and OSC because of devastating loss, the largest fraud in the corporate history of Canada which destroyed million investors’ dream and assets.

They know they could face the jury and the public so the trial — before a judge only and without a jury.

I, Weizhen Tang, knew there is no justice in Canada, especially for us, new immigrants and any justice would convict me at will so I was forced to face the jury.

“Nortel is too big to fail in our justice system and Chinese Warren Buffett, is a Chinese investors, too small to save in the justice, the Canadian justice needs a good scapegoat.

People said that Gotta to love Canada where real white collar crime continuously gets a free ride. If a homeless person stole a jacket to keep warm he would spend more time in jail then these con man!

Nortel was once the pride of Canadian technology. What the former CEO and this executive team managed to do was to turn the company into the biggest failure in Canadian history. This trial should have brought some justice to the shareholders, creditors and employees that were defrauded. Yet, once again, the Canadian justice system fails.

Nortel is the biggest fraud of 300 billion in Canadian corporate history and the charges and fraud charges was made small and trivial, trials was only for 13 million bonus in accounting fraud in Canadian corporate history, even the crown made Nortel, their case small, minimized, while the crown falsified my case and make my case, Chinese Warren Buffett case, big, it claimed that self billed “Chinese Warren Buffett” is one of the biggest fraud case in the history of Canada

Three former top executives of Nortel Networks Corp. have been acquitted of fraud after a lengthy trial. The decision was revealed Monday by the Justice Frank Marrocco of the Ontario Superior Court.

The true reason for the Justice Frank Marrocco who could not convict the accused is that not only three of them falsified financial reports to push the company to profitability and trigger special “return to profitability” bonus payments for themselves, but it is the securities industry common practice, everybody is playing the accounting games to manipulate stock prices and defraud investors.

Accounting games are the securities industry’s common practice, An analyst in white collar crime says earnings manipulations were alleged to be fairly common in the 1990s and early 2000s until the U.S. government launched an offensive against these types of cases.

A Fraudsters always use accountant, falsified account statement and trading records, false documents, but I have none of them.

The justice know the consequences of convicting them will make everybody in corporate world nervous, the worst of all is that it will make OSC real nervous and force the industry to change and a change need to protect investors and the integrity of the market. Nortel’s auditors from Deloitte & Touche would be in big trouble, not only for Nortel, but also other clients of Deloitte & Touche..
It is easy for the justice to say “The burden [of proof] in my view was not met. The charges are dismissed,” he announced in court.
As a veteran investors, I never trusted their accounting when I made investment decision, I did not play any accounting games with my investors and I did not have any accountant for my fund to save money for my investors and never show falsified any bank or brokerage account statements and only my own account statement of promise and responsibility and dedication to my investors.
A Promise of investment and return is necessary to show my confidence, responsibility and dedication and determination and integrity to my investors, but the financial industry miss the big part of commitment, the crown also twisted my good practice and conduct as evidence of fraud and crime.

The Crown alleged the men used Nortel’s large accounting reserves to manipulate the books, but the trio said they believed the accounting decisions were appropriate at the time, and that the accounting treatment was approved by Nortel’s auditors from Deloitte & Touche.
But in his written reasons, Judge Marrocco said he was “not satisfied beyond a reasonable doubt” that the accused “deliberately misrepresented” financial results.
Judge Marrocco also said he did not accept that the fact Nortel’s books had to be restated showed there was fraud in this case, saying restatements can be done because of errors or because opinions change in hindsight.
At its peak 12 years ago, Nortel was Canada’s largest telecommunications company. But the company was hit hard by a downturn in the tech sector that began in 2000, and eventually filed for bankruptcy protection in 2009. The company is in the process of being dismantled and its assets sold. A mediation session to try to resolve outstanding claims in the bankruptcy was scheduled to start Monday in Toronto.
The fraud trial focused on events in 2002 and 2003 when executives were accused of intentionally manipulating the money-losing company’s earnings to push it back to profitability. The Crown never alleged the manipulations caused Nortel’s failure, but the problems led to the firing of the top management team and the company spent millions of dollars investigating the problems and preparing two successive restatements of its books in 2003 and 2005.
Lead Crown attorney Robert Hubbard argued during the trial that there was a long-standing culture at Nortel stretching back to the 1980s in which employees used bloated reserves to meet profit targets.
The Crown alleged the executives had staff prepare internal “outlooks” and “road maps” showing how the company could meet its targets by releasing millions of dollars of accounting reserves, saying the documents were road maps to a fraud.
The three men earned payouts totaling a combined $12.8-million as a result of meeting earnings targets in 2003.
The trial, which began last January, saw more than 2,500 documents tendered as part of almost 600 exhibits. They represented just a fraction of the 30 million pages of material disclosed to the RCMP during its investigation.
The followings are comments made by Globe and Mail Readers only.

Score: 44
Grumpy Senior
10:39 AM on January 14, 2013
Canada’s financial regulations, oversight and enforcement are a joke. These guys caused grief for thousand of Canadians while they collected bonuses – SHAME ON US
15 replies

Score: 37
Top LeveL
10:36 AM on January 14, 2013
As Wall Street proved in 08-09: if you have the wealth to hire the right lawyers, you can do whatever you please.
9 replies

Score: 25
T Rogers
10:46 AM on January 14, 2013
I guess it’s true; money talks, and BS walks.
1 reply

Score: 18
farmer’s daughter
10:55 AM on January 14, 2013
While not excusing the excesses and poor decisions of management, anyone who followed the testimony of this trial would have realized criminal proceedings were a total waste of the taxpayers’ money. Earnings management practices were no different than any other large company, and I have worked for a few. Perhaps not the most ethical, but blessed by their auditors, and by no means criminal.
5 replies

Score: 17
goalie
11:24 AM on January 14, 2013
Not guilty in a court of law, guilty as sin in the court of public opinion.
3 replies

Score: 16
Marc_Labbe
10:51 AM on January 14, 2013
O Canada – white-colar criminals go free.

Score: 16
moccachino
10:51 AM on January 14, 2013
Well frank and his gang can retire on all the money they made when the stock shot up 500% in a few days in a few days( because of the shady financial results).. Meanwhile all the employees got screwed by the company ( ESP the ones on pension)
4 replies

Score: 14
claroch
11:26 AM on January 14, 2013
You steal a few hundred dollars, you go to jail.

If you wear a white collar shirt and you steal millions, you’re home-free.

A good advice for a teenager pondering his lifetime career move …
1 reply

Score: 13
Dosibe
10:38 AM on January 14, 2013
Look for Deloitte’s new marketing campaign to key on providing management with a “License to Steal”.
1 reply

 

Score: 13
hap1901
10:51 AM on January 14, 2013
I think the judge’s rationale was that since what they did was consistent with generally accepted accounting principles, and their auditors had signed off on it, then it was not fraud.

The people who lost their jobs, their pensions, and all the investors who tool a bath on this can’t take much solice from that.

These kinds of judgments make Canada look more and more like a banana republic, where the elites can do what they like, and get away with it.

If they have been using reserves in this way since the 80s, then they were at least following the accounting principle of consistency. What a disgrace, especially for the auditing profession. Hell, I hate to put auditing and profession in the same sentence. Every member of the CICA should hang their heads today.
2 replies

Score: 10
Critical_Thinking
10:41 AM on January 14, 2013
Nortel was forced into bankruptcy for no reason.

Find the big fish who started this whole thing, while at the same time they shorted Nortel stock, and charge them with treason.
5 replies

2 replies

Score: 10
Critical_Thinking
10:41 AM on January 14, 2013
Nortel was forced into bankruptcy for no reason.

Find the big fish who started this whole thing, while at the same time they shorted Nortel stock, and charge them with treason.
5 replies

Score: 10
asaninetentacles
11:11 AM on January 14, 2013
Business 101:

Step 1-go bankrupt
Step 2-tell your lifelong employees you can’t pay the pensions you promised
Step 3-sell billions of dollars in patents and pocket it all for yourself
4 replies

Score: 10
getalife
11:08 AM on January 14, 2013
Nortel was once the pride of Canadian technology. What the former CEO and this executive team managed to do was to turn the company into the biggest failure in Canadian history. This trial should have brought some justice to the shareholders, creditors and employees that were defrauded. Yet, once again, the Canadian justice system fails.
2 replies

Score: 9
lendur
11:21 AM on January 14, 2013
I think this is a sad day it is time corporate officers paid for the crimes they commit otherwise it will not deter other from doing the same
1 reply

Score: 8
Eastern Dude
11:30 AM on January 14, 2013
This tells you there is a justice system for the regular schmucks like us and a justice system for the business and well-heeled.

They get away with financial murder and dismemberment of a company and the hard-working employees’ now emptied pensions. And these clowns walk away Scot free.

What a country.
3 replies

Score: 8
dougleash
10:46 AM on January 14, 2013
Wonder how much the lawyers walked away with on this one.
4 replies

Score: 7
Mark Spence1101
11:03 AM on January 14, 2013
This just plain stinks.
1 reply

Score: 6
kiaraju
12:19 PM on January 14, 2013
The CEO and all the upper echelon managers at Nortel Networks got away again. If this trial was in the U.S.A, the three accused would be facing 20 years in jail. The guess the judge forgot the suffering of the people who lost their jobs, pensioners and people on long term disability that all got shafted, while Frank Dunn walked away with $134M in compensation. John Roth walked away with $245M. They are building their $20M mansions in Oakville and New Caledonia!

Gotta love Canada where white collar crime continuously gets a free ride. If a homeless person stole a jacket to keep warm he would spend more time in jail then these con man!
1 reply

Score: 6
james
10:57 AM on January 14, 2013
in Canada if your white collar and lawyered up – you go free ….with a bonus in the millions ….of course

Score: 5
jjcky
12:41 PM on January 14, 2013
Aaron Swartz faces 50 years in prison for downloading documents paid for by the taxpayer, and Nortel execs destroy the lives of thousands with no repercussions. Does anybody think that this isn’t going to end badly
Still learning at 78
2:27 PM on January 14, 2013
And people wonder why “Occupy Wall Street”.

Score: 5
Analyser
4:19 PM on January 14, 2013
Dunn received $25m and Roth $175m for their troubles … “no fraud” o.k. then incompetence, so why the stock option payments ? Something is very wrong with our corporate system.
1 reply

Score: 5
Stubborn Canadian
11:32 AM on January 14, 2013
Travesty!

Score: 5
Bonin12
12:44 PM on January 14, 2013
Would it not have been a better use of tax payers money to investigate the financial transactions under the watch of John Roth who cashed in his options for $135 million alone in 2000. This botched investigation by the RCMP is just another example of trying to find a scape goat instead actually seeking justice.
1 reply

 

Score: 4
TG100
12:31 PM on January 14, 2013
Not surprised. Conrad Black is only guilty in the US.
1 reply

 

Score: 4
Dosibe
11:05 AM on January 14, 2013
An auditor that bows to the management that writes their fee cheque, when their duty is to the shareholders who own the bank account, is not a professional at all.

Deloittes is more consistently associated with this kind of activity that any other auditing firm, but is by no means the only culprit.

Their are honourable accountants out there, but their professional bodies have been hijacked by Deloittes and other large firms that profit from their role as gatekeepers to the capital markets.
2 replies

Score: 4
Pincushion Man
12:03 PM on January 14, 2013
One law for the rich and another for the poor.

Score: 4
Hermesacat
2:28 PM on January 14, 2013
No wonder Canada’s viewed infamously worldwide as a haven for white collar crime.
Few white collar fraudsters are even prosecuted, & few of those who are prosecuted are convicted. And re. the tiny number successfully prosecuted & convicted, it doesn’t seem to matter how many people’s lives they may have destroyed financially by, in some cases, stealing seniors’ & others’ life savings. The convicted typically receive sentences so light, it’s a joke.

Recall Conrad Black was let off scot-free by Canadian authorities. The RCMP investigated Black & recommended no charges be laid. It took the U.S. justice system, (flawed as it is) to nail Black. Canada’s system’s a disgrace. The ingrained corruption & mafia-collusion tolerated in Quebec political quarters for decades is another sad example of a broken Canadian justice system.

The message our governments send to would be white collar criminals is:
“Come on in, set up your scams in The Great White North. You’re safe here!”

Score: 4
whazzup
10:39 AM on January 14, 2013
Well it shows that your company stinks is not a conspiracy of fraud. Granted the pitchfork and torch poster crowd will be up in arms. The point being is watch companies that have bad metrics, follow the companies ethics for indications that the model is not working.
Score: 3
J Birch
1:00 PM on January 14, 2013
So, was Nortel needlessly destroyed ?!

When it was forced into dissolution by the bondholders it was argued the company was worthless and the senior management guilty of fraud. Subsequent sales of the broken up company assets unlocked $billions. Ergo, the company was not worthless.

And now the ‘fraud’ acquittal.

The stench on this matter is unbelievable, as was the destruction of tens of thousands of jobs and shareholder equity. So why wreck the company, because the Gordon Gekkos need to made their killing “because its wreckable”.

Who benefited ?! Just follow the money.

Vulture Funds, worse than greasy real estate speculators.

May they enjoy their gold while they can, because where they are headed, its going to melt.

Score: 3
POKERK
1:35 PM on January 14, 2013
Just goes to show you that “Accounting Practices” (and I’ve had a career in that field), and the Stock Market are basically nothing more than legalized gambling. Think of Short Sellers.

RIM shareholders (among others) should take note – there really is such a thing as Creative Accounting.
Score: 3
Strat_Fender
3:30 PM on January 14, 2013
No surprise here. This is our two tier justice system at work. Canada has never prosecuted any big players in my lifetime and never will. I bet Conrad Black is pretty envious.

Score: 3
robs6
1:12 PM on January 14, 2013
Sooo, lots of lawyers and judges got rich, rich, rich, the executives walk away rich, rich, rich, enough time has passed that nobody is really that pissed off anymore, and hundreds of thousands of Canadians have a retirement portfolio decimated by these crooks. Nice Gig if you can get it.

Score: 3
Loulaf10
3:19 PM on January 14, 2013
The media would do well to publish a photo of the probably now-complete palatial home Frank Dunn got himself built.
Contrast that photo with the Nortel employees protesting their loss of pension benefits.

Score: 3
BERG-MANN
1:52 PM on January 14, 2013
SURPRISED…YES..!

Everyone has FAILED to mention the role of USA Management and ownership in NORTEL…
I was told that once US Managers took over…DOWN SHE WENT..!

How Can a $398 Billion Dollar Company just EVAPORATE..???

Those who played the NORTEL SHELL GAME Won..!
Those who Honestly bought the Stock Like Me…LOST..!

A Huge Inside Job..that Stole Millions from Investors…!

Moral of the story…Big Corrupt Guy Wins..vs. Small Investor Loser..!
Does Honesty really Pay-Off..???

Score: 3
Marlon11
3:52 PM on January 14, 2013
According to the defendants those accounting irregularities were just an innocent oversight. It could happen to anybody, couldn’t it? That the sizable bonuses were triggered by this oversight was just a lucky chance. Better be lucky than good.

Score: 3
CFAPortfolioManager
11:20 AM on January 14, 2013
White collar crime & being a lawyer pays in Canada…some things never change!
Score: 3
Bobbsing
12:40 PM on January 14, 2013
Vindication does not mean innocence. The sufferings of Nortel pensioners, many who gave 35-40 years of their lives feel no such vindications. Let’s see who will be first of the three fat cats to hand back their millions in bonuses to the penshioners. Don’t hold your breath.

Score: 3
Vickido
1:32 PM on January 14, 2013
Pensioners in the UK and the US have been taken care of by the regulations of their respective countries. In Canada pensioners are at risk and our government seems oblivious to the issue, even worse they are encouraging workers to participate in those poorly protected pension plans.

Score: 3
Dutch58
2:49 PM on January 14, 2013
Agree with serveral posters: Canada’s legal system is just way too soft on white collar crime. We look like a joke in the eyes of the world.

Ten years later, and they walk.

In the US, they would have been in jail in less than a year.

By the by, who got to the judge? It is an Accounting 101 course on on to cook the books through the use of reserves, and he let it go?

Why did he run from the courtroom. Very smelly . . .

Maple.Man
10:48 AM on January 14, 2013
One of these days, this ever growing corporate culture that devours everything in its path
is going to self implode. When it does, these board of director types are going to find that they can’t eat paper money (won’t taste so good) and as a means of exchange, it going to be worthless except for maybe being used as kindling to start a fire.

Score: 2
mathan647
11:59 AM on January 14, 2013
This is completely outrageous. As the leadership, they needed to be on top of what was going on. They didn’t do their job, and there was clear evidence that they adjusted the books.

Who cares that they would have got their bonus anyway – they modified the books inapropriately.

The judge should be fired.

White Collar Crime: 1 – Justice Process:

Score: 2
Tailgate
11:43 AM on January 14, 2013
Apparently I’m in the wrong business

but I do sleep at night

Score: 2
Cranky Old Guy
4:47 PM on January 14, 2013
“not satisfied beyond a reasonable doubt” that the accused “deliberately misrepresented” financial results.

That doesn’t sound like a vidication. As the judge says, the prosecution didn’t meet the burden of proof. I think it’s a bit much for the defense to start spouting off about how their clients always acted honestly.
Score: 2
Alfred E Newman
12:06 PM on January 14, 2013
The criminals here are the incompetent board members who triggered the knee-jerk reactions that precipitated the less then competent CEO’s who ultimately took the company into the wastebasket.

Score: 2
James123
2:12 PM on January 14, 2013
30 million pages of material disclosed to the RCMP that the judge initially dismissed as too many

then

” the men would have earned their bonus payments in the first quarter of 2003 even if they had not used accounting reserves to push the company to profitability in the quarter.”

…but the execs did not know this and pushed the reverses to a point it would trigger bonuses.

“The burden [of proof] in my view was not met. The charges are dismissed,”
In his view after so many witnesses exposed “Doug’s cookie jar” seems profound.

“I am not satisfied that the way in which the three accused dealt with the $80-million in unsupported accrued liability balances … misrepresented Nortel’s financial results to the investing public or Nortel’s audit committee or Nortel’s board of directors,” he wrote.

However, he was “not satisfied beyond a reasonable doubt” that the accused “deliberately misrepresented” financial results.

huh?

This judge was also the prosecutor in Bre-X btw…

Score: 2
howard smithers
12:19 PM on January 14, 2013
The Canadian Government loses much credibility over this matter.

Score: 2
Sideshow Mel
10:34 AM on January 14, 2013
Unbelievable! It may not be fraud in the eyes of the law, but it clearly was from an ethical standpoint. Thousands of lost jobs. Hope these guys don’t sleep well at night.

Score: 2
GBC1
1:01 PM on January 14, 2013
Although those who have beaten a fraud rap would like you to think otherwise, there is a big difference between an acquital on a fraud charge and vindication.

Score: 2
Fernandosancheq
3:31 PM on January 14, 2013
And fund manager’s wonder why volume is so massively down in the stock market???

Score: 2
Vickido
1:41 PM on January 14, 2013
They claim vindication, what arrogance, talk about giving us the finger.

Score: 1
J Crichton
3:49 PM on January 14, 2013
anyone have a link to the actual judgment?

Score: 1
blacklocus
5:50 PM on January 14, 2013
Looks like once again the Ruzzuto Mob in Montreal are in the wrong business.
or is it they have too much integrity to be in these super greedy games and hobb nobbing with the black tie crowd of thieves.

When the Italians and Jewish mafia ran all the gambling and built Nevada they were less greedy than the government take of today.

Score: 1
Buzz Fazbert
12:40 PM on January 14, 2013
They call it a Justice System but it is really an agency of above street-level fraud facilitation. Da’ boyz was runnin’ a ponzi and got away wid’ it, Frankie boy.

Score: 1
Name withheld
11:05 AM on January 14, 2013
This comment was left by a user who has been blocked by our staff.

Score: 1
Pincushion Man
4:33 PM on January 14, 2013
Innocent as OJ.

Score: 1
Chris in Ottawa
11:51 AM on January 14, 2013
I accept the judge’s decision but somebody somewhere at Nortel did something wildly inappropriate.

Score: 1
howard smithers
11:18 AM on January 14, 2013
NORTEL The largest Canadian case of White Collar Crime in Canadian History and no one is guilty? Is it any surprise McGuilty is dancing behind closed doors?
2 replies

Score: 1
howard smithers
12:20 PM on January 14, 2013
It’s OK, their hockey is back. They all will soon forget. Just steer them that way, Jack.
Score: 1
howard smithers
4:28 PM on January 14, 2013
Stephen Jarislowsky

Western salaries and wages, amplified by a large, non-productive group (read swollen civil service) as well as corporate profits diluted by excessive and toxic compensation (it places selfishness ahead of true long-term corporate achievement) do not help. On top of that, politician-buying by pressure groups has led to inadequate laws to restrain the likes of Goldman Sachs and other non-productive financial gamblers. Inadequate enforcement of weak laws discourages people from saving, as do the low interest rates.

Let’s start with the basics: What is corporate governance?
It’s ethical behaviour — that’s all it is. It’s making sure that you’re not getting paid for the wrong reasons. All this cheating, lying, stealing and feathering your own nest without any reason for it, and that all relates to ethics.
Corporate governance is really nothing more than decent behaviour.

What would you like to see in terms of executive compensation?
There should be a limit on how much more senior executives of a company can make than the average employee in the firm, or than the average salary in the country. It’s absolutely ridiculous what’s happening now.

How did it get so bad in the first place?
We have allowed our accountants to give audit reports that no one can understand and we have allowed our companies to publish prospecti that are 400 pages of nothing but accounting and legal jargon that no one will sit down and read.
Insitefull_1
5:50 PM on January 14, 2013
Our intelligentsia serves well the needs of the rich and powerful.

Score: 1
thomastoronto
12:12 PM on January 14, 2013
The Crown prosecutors, the “state” and the political class, out to show how tough they are on “white collar” crime wanted another “Martha Stewart” to parade before their ignorant constituents to show just how good they are.

This is another tragic prospector over-reach like Royal Plastics and they have not have caused the destruction of international business employing hundreds and paying millions in taxes but they have destroyed jobs, lives, savings.

What else do we need for a public prosecutor to bring a case before an intelligent body before charging and destroying lives.

Score: 1
james
10:55 AM on January 14, 2013
CRIME PAYS !!! BIG TIME . a sad day for Canada ….. actually Canada is over as we knew it . we live under a motto now “corp. greed and fraud is good” ….hurry …lets teach our kids to do the same ….. sad and week judges too!

Score: 1
Thomas Darcy McGee
11:37 AM on January 14, 2013

The only crooks harder to get a conviction against than corporate executives are cops.
Billions fleeced from Nortel and no one is held accountable.
Licensed to steal.

Score: 1
Name withheld
2:43 PM on January 14, 2013
This comment was left by a user who has been blocked by our staff.

Score: 1
AlexB2
11:15 AM on January 14, 2013
A not guilty verdict comes as no surprise to me. This trial probably should never have happened but it came around the saem time of Enron, Worldcom and several others including Conrad Black.

The burden of proof rested with the prosecution. If must show in simple clear terms that a crime was committed. It is insufficient just to show up in court with 10,000 pages of documents and say there is a crime somewhere in all that paper.

We are fortunate to live in a country where you do not get put in jail without hard evidence. These guys probably would have ended up in jail if their trial had been in the US.

That country’s justice system is corrupt. It allows murderers to go free while the innocent are sent to the gallows.
Score: 1
WHouse
10:35 AM on January 14, 2013
Frankly, I’m surprised by this verdict. Goes to show how much I don’t know about big business and how it operates day-to-day.
Score: 1
La Cabra
12:52 PM on January 14, 2013
Another example that corporate white collar crime pays.. If you respect the text of the law even if your actions are completly against the laws intent your a free man..
Time to get our lawyer-politicians to re write the rule book.

Score: 1
hugken1
4:35 PM on January 14, 2013
There is no justice!!

Score: 0
Winston Smith
2:45 PM on January 14, 2013
Accounting rules that permit this to happen can’t be a fraud can it? Noooo!
Score: 0
arquero
11:34 AM on January 14, 2013
Justice? Once again Canada has made a garish display of its multi-tiered justice system.

If you got the the cash you won’t be found guilty without being found with a gun in your hand – what these three men did: the lives they ruined, their responsibility turned to greed is beyond comprehension to most – but our courts, with its famous lawyers, can obscure any truth, any time, anywhere.
Score: 0
Jimbo5
2:42 PM on January 14, 2013
This judgment shows there is a blurring of the limits of ‘creative’ accounting. The old saying about accountants that when asked to provide a profit or loss statement goes “Well, what do you want it to show – a profit or loss?”

Score: 0
Freedom75
11:31 AM on January 14, 2013
“…with Nortel’s overstated reserves in 2003, and argued the amounts were released not to manipulate earnings but as part of a well-intentioned effort to fix the accounting and get mistaken entries off the books.

The three men earned payouts totalling a combined $12.8-million as a result of meeting earnings targets in 2003.”…

Question: …having removed/corrected mistaken entries supposedly, did they RETURN the $12.8-million to the company???…did they or did they not meet targets…???

Score: 0
Freedom75
2:40 PM on January 14, 2013
The ‘darlings’ of the TSE…
Score: 0
blacklocus
5:27 PM on January 14, 2013
Credibility certainly will not return. The super greed and distain for employees shareholders and the community has tainted them and their families for life.

These individuals at the very least proved to be totally incompetent taking in a few short years a world leader in technology and products to a bankrupt that profited senior managers.

Score: 0
gordaguy2
3:51 PM on January 14, 2013
The three execs did not cause Nortel to go down – Nortel went down because they spent valauble stock buying worthless start ups with stock thereby diluting the value of the company.
Score: 0
howard smithers
12:19 PM on January 14, 2013
Sovereignty of domestic Corporations; Appears to be of greater concern, Than that of another Nation’s. Is there something to learn, By greed induced consternation.Technologies absconded from Nortel; By far conspiring lands, to shadow near.
No challenge raised, as who would foretell,Implications to ensue and raise fear. Offshore installed routers escalation,
Definitely jeopardizes domestic security. Free world capitalist’s weigh ramification; Questioning west and communist marriage, Inspiring deliquescence, diminishing carnage. Retreating now as past action proves faulty,
Media’s duty alerts compromised safety. For preservation of the awoken Mighty.

Score: 0
James Peter
5:58 PM on January 14, 2013
No doubt Mr. Ponsi would do likewise. A “freebie” bonus by taking cash reserves and adding them to the sales numbers. Accountants be dammed. Shock market be dammed. Shareholders be dammed. Laws? What laws?

This is the stock market suckers, there ain’t no “laws”!!

Just a “regulatory body” that fines businesses (whereby scoring THEIR bonuses), while declaring “no criminal wrongdoing and all is forgiven”.

Just the wealthy looking after the wealthy.

Score: 0
TSW
4:58 PM on January 14, 2013
Proves that Canada’s Security watchdog is either non-existent or if it did exist has lost it’s teeth, been declawed and neutered. In the USA those involved with Enron or WorldCom go to jail but here the likes of Bre-X and Nortel go free. Canada is the laughing stock of the business community. Our justice system should be ashamed of themselves.
On the bright side at least some of the “triggered” bonus and “golden” parachute money made it back into the economy with the hire of their high priced lawyers. I wonder if the judge had any money invested in Nortel?

TSW
Score: 0
A.J.L
5:51 PM on January 14, 2013
That company was a trainwreck for a long time. Badly mismanaged by just as badly overpaid managers.
Strat_Fender
5:15 PM on January 14, 2013
Now that the big fish predictably got away we can get back to framing innocents like Milgard, Marshal etc…. or ignoring complaints of dozens of missing women in Vancouver or maybe even knocking off a confused polish immigrant at an airport by a bunch of incompetent cops… This is the true face of our justice system I guess.

Score: 0
gpcaron
3:07 PM on January 14, 2013
Maybe we need an “Idle No More” movement of the middle class people against the justice system in this country!

Score: 0
HasbaraTroll
4:57 PM on January 14, 2013
. . . there are laws for them . . . then there’s laws for the ordinary citizen . . .

Score: -1
goolneb
2:22 PM on January 14, 2013
Am I upset with this outcome YES now comes the BUT this is CANADA a soft justice system not only for corporate crime but also for other Canadians A 17 year old brakes into a house throws a 80 year old grandmother down the stairs she dies 6 month later from internal injuries—joy riding hi speed killing a pedestrian—tax evasion new comers earning millions out of this country and not declaring but having Canadian passports the penalties are laughable I can best compare our system with a 8×4 ft painted canvas two 6 inches stripes on either side fifed color black blue in the middle a grey fussy to many of us light dark grey or soft blue grey very hard to put a name to it it’s called INTEND to commit a crime that is hard to prove you can fill in the blanks

Score: -1
howard smithers
11:21 AM on January 14, 2013
EIGHT O’CLOCK
He stood, and heard the steeple
Sprinkle the quarters on the morning town.
One, two, three, four, to market-place and people
It tossed them down.

Strapped, noosed, nighing his hour,
He stood and counted them and cursed his luck;
And then the clock collected in the tower
Its strength, and struck.

A.E. HOUSMAN
Score: -3
howard smithers
12:37 PM on January 14, 2013
At this rate reemergence of public hangings aren’t far off.

EIGHT O’CLOCK

He stood, and heard the steeple
Sprinkle the quarters on the morning town.
One, two, three, four, to market-place and people
It tossed them down.

Strapped, noosed, nighing his hour,
He stood and counted them and cursed his luck;
And then the clock collected in the tower
Its strength, and struck.

A.E. HOUSMAN
Score: -3
James239
11:10 AM on January 14, 2013
It is all Harper’s fault.
Score: -4
Gary Baggey
11:27 AM on January 14, 2013
This is a sign of times to come in Canada we are almost a third world country and with our govs. weakening unions letting companies right out thier pays at the cost of the worker that is the way Steven Harper will create jobs.Today was a court call on who wins and who dose not .Over the years to come in Canada we are going back to what happened in the USA. when slaves were bought that is the only way companies can start making trillions instead of billions.

Score: -4
James239
10:32 AM on January 14, 2013
I thought that Nortel was just going to release their new device BB10.

oopps sorry, I always get Nortel and RIM mixed up.
Dunn, Bald-silly, tomato, toMAto.

Score: -5
Name withheld
11:51 AM on January 14, 2013
This comment has violated our Terms and Conditions, and has been removed.
Score: -6
………
11:00 AM on January 14, 2013
The judicial system got it right. The decission is fair. Im retired and my family menbers lost millions as a result of our personal Nortel stock decissions – but it was not the executives fault – that was ours. By the time Dunn was in place the die was cast. They did there best.
The systems should be improved, but it’s not the faults of these three individuals.

Donald Peters
Score: -7
Cruel Kangaroo
11:33 AM on January 14, 2013
Most of the people commenting here have zero understanding of the issues of the trial and a lot of these comments could end up as the basis of the Globe being held for a libel action.

People lost money, but there was no fraud, just a politically motivated prosecution that cost taxpayers millions and provided nothing in result.

Score: -7
Mister Opinionated
12:45 PM on January 14, 2013
canadians are morons.

now that nortel executives have been acquitted over their role in the collapse of nortel, it’s funny how canadians quickly called the US as having a sick culture over opposition in congress to an assault weapons ban.

these executives are people who made off with millions – at the expense of ordinary canadians – by lying to the public about the true financial condition of the company.

canadians are content to call the US as sick, while having a few executives get rich by having ordinary canadians sacrifice their retirement dreams?

canadians are morons.

Score: -7
northernwriter7
11:36 AM on January 14, 2013
Another reason to elect judges.

Score: -9
TdotScribe
12:05 PM on January 14, 2013
There was NO fraud. The rich white man is not being sent to the gallows this time.

Reading the posts below, I’m quickly reminded how pathetic our society has become.

Blind resentment towards success does not elevate you to some higher moral ground. It just makes you look petty, envious and sad. What’s next, occupying some public space to display your outrage that you don’t receive a larger handout? Oh.

Not a peep from these righteous crusaders about the Native Chief misappropriating $100 million. No, she’s one of you. Gimme gimme, then gimme some more. And if you don’t like it I will disrupt the lives of the actual working class till you break.

That’s called extortion. It’s a crime worse than fraud. The hypocritical left can’t see their own faults sitting way up there on their sanctimonious high horse.

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