SEC to fine Nortel up to $100 million for shady accounting

Looks like a heartfelt apology just wasn't enough for the SEC -- the agency is expected to fine formerly high-flying communications company Nortel up to $100 million this week for inflating revenue on quarterly reports by an estimated $3.4 billion. The SEC is also suing a handful of former Nortel executives who approved the bogus numbers, allegedly to trigger bonuses for themselves. Nortel just settled several outstanding class-action lawsuits from shareholders for slightly more than $2 billion, so another $100 mil probably seems like a drop in the bucket at this point, but here's hoping this whole sad chapter is over -- we still want to see that MIMO WiMAX rig start shipping.

[darter9000 @ Jun 8th 2007 9:18PM]

Joy, more bigwigs trying to add another million to their 7 figure incomes...

[GhostDoggy @ Jun 9th 2007 6:44AM]

If you have land-line telephone service then there is a good chance that you supported them in their efforts to make another buck. But what large business isn't or hasn't been caught in shady business in the past 10-15 years?