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Trial begins for former Nortel bosses

Published by Steve Coleman on January 16, 2012

The trial has started for three former Nortel Networks Corp. senior executives accused of causing the 2004 meltdown in the company's stock.

Former CEO Frank Dunn, chief financial officer Douglas Beatty and corporate controller Michael Gollogly were accused of defrauding investors by misstating financial results to obtain bonuses they were promised if the company returned to profitability.

The Ontario Superior Court trial is expected to last more than six months.

Nortel's accounting scandal in 2002-03 dragged the high tech company from a high point of $124.50 to penny stock status after the allegations surfaced.

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