Lord Black is charged with fraud - Democratic Underground

emad

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Mon Nov-15-04 11:50 AM
Original message

Lord Black is charged with fraud

BBC News

Media tycoon Lord Black has been charged with fraud in America.
The US Securities and Exchange Commission said it was seeking an undisclosed amount of fines from the former owner of the Daily Telegraph.

Lord Black and his deputy are said to have failed to disclosed certain transactions between 1999 and 2003.

The US agency also charged Hollinger Inc, the Canadian firm Lord Black heads, and which continues to part-own US media group Hollinger International.
http://news.bbc.co.uk/1/hi/business/4014083.stm

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lil-petunia

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Mon Nov-15-04 11:52 AM
Response to Original message

1. poor baby. sniff sniff.

He ripped off the Chicago Suntimes for millions at the same time.

thief.

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Wat_Tyler

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Mon Nov-15-04 11:55 AM
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2. There is no such person as 'Lord' Black.

There is only Conrad Black, petty criminal.

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aquart

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Mon Nov-15-04 11:59 AM
Response to Reply #2

4. "Petty," my ass.

His larcency is clearly grand.

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Wat_Tyler

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Mon Nov-15-04 12:02 PM
Response to Reply #4

7. Grand in scale, petty in spirit.

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Fenris

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Mon Nov-15-04 12:01 PM
Response to Reply #2

5. And the author of an unreadable, exhaustive FDR biography.

http://www.amazon.com/exec/obidos/tg/detail/-/1586481843/qid=1100537984/sr=8-1/ref=pd_csp_1/002-7853424-0792045?v=glance&s=books&n=507846

1360 pages and not a whole lot of it good.

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Wat_Tyler

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Mon Nov-15-04 12:01 PM
Response to Reply #5

6. How could you bear to even write 1360 pages, let along read it?

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Fenris

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Mon Nov-15-04 12:21 PM
Response to Reply #6

10. If you have an ego the size of Conrad Black's, you can write 1360 pages.

Easily.

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Englander

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Mon Nov-15-04 12:02 PM
Response to Reply #2

8. How's this for a picture; Kissinger,Black & Amiel

Sadly,Black is a member of the House of Lords,has been since October 2001.

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Wat_Tyler

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Mon Nov-15-04 12:04 PM
Response to Reply #8

9. I know. He rescinded his Canadian citizenship to do so.

Jean Chretien wouldn't let him be a Canadian citizen and a member of that bankrupt chamber.

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aquart

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Mon Nov-15-04 11:59 AM
Response to Original message

3. Let's hope it's a trend.

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The Backlash Cometh

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Mon Nov-15-04 11:03 PM
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11. Show no mercy.

We can only hope that we'll have repeat of the charge over on our side of the pond.

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Spazito

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Mon Nov-15-04 11:05 PM
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12. I just heard on Canadian news, he is under criminal investigation and

by the Canadian version of the SEC, yessss, he is gonna go down!!!

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emad

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Tue Nov-16-04 11:38 AM
Response to Original message

13. Latest, The Times 16 Nov:

SEC charges Lord Black and seeks control of Hollinger
From Abigail Rayner in New York

REGULATORS in the US moved to seize the bulk of Lord Black of Crossharbour’s wealth yesterday and remove his power as controlling shareholder of Hollinger International, the newspaper publisher (see Commentary, facing page).

The US Securities and Exchange Commission (SEC)charged the peer and his former ally David Radler with fraudulent dealing during their tenure at the company and demanded fines — as yet unspecified — and repayment of their “ill-gotten gains”.

Both men will be forced to repay non-compete payments totalling $85 million (£46 million) between them after the SEC found that they had failed to gain board approval for some of the payments.

In a lawsuit filed yesterday, the SEC said Lord Black’s equity stake, which has super voting status, would be frozen in a trust that would be controlled by the regulator. At today’s share prices, Lord Black’s stake is worth about $220 million. John Coffee, law professor at Columbia University, said the move would protect shareholders’ interests: “That’s a way to prevent any kind of midnight sale. It is like collateral to secure fines and restitution.”

http://www.timesonline.co.uk/newspaper/0,,171-1360679,00.html

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