File this in the ‘continuing persecution of hard-working achievers’ folder:
SEC files fraud charges against Conrad Black
CTV.ca News Staff
The U.S. Securities and Exchange Commission has filed fraud charges against Canadian-born Conrad Black, the former chairman and CEO of Hollinger International, accusing him of “cheating and defrauding shareholders.”
Also charged is David Radler, Hollinger’s former president and chief operating officer.
The civil lawsuit alleges Black and Radler ”engaged in a fraudulent and deceptive scheme to divert cash and assets” from the newspaper operating company between 1999 and 2003, which they then hid from investors.
“Black and Radler abused their control of a public company and treated it as their personal piggy bank,” Stephen Cutler, the SEC’s director of enforcement, said in a statement Monday.
“Instead of carrying out their responsibilities to protect the interest of public shareholders, the defendants cheated and defrauded these shareholders through a series of deceptive schemes and misstatements.”