Home > Settlements > Financial Fraud, Nortel Networks Corp. pays $35 million civil penalty to SEC
October 16 2007
Washington, DC: (Oct-15-07) The US Securities and Exchange Commission brought charges against Nortel Networks Corp., alleging that former Nortel executives concealed the company's deteriorating financial condition and inflated reported results. The SEC claimed that Frank Dunn, the chief executive at the time, and three other senior managers were fired for their role in what the Securities and Exchange Commission termed a pattern of fraud.
As part of a settlement reached, the Ontario-based networker agreed to pay $35 million and consent to quarterly oversight to settle the fraud related investigation. The settlement sum will be paid as a civil penalty and the company also agreed to consent to certain injunctions. Nortel officials stated that the company has already reached a settlement with Canadian regulators as well as shareholders who filed several class action suits.
[MARKET WATCH: FINANCIAL FRAUD]
I started graduate classes at Grand Canyon University in Fall 2006. I applied for aid and received aid. I have been receiving aid ever since and have had no problems. Until recently. I got an e-mail in my inbox telling me I had an outstanding balance of $14,450.
I called financial aid and a nice gentleman there offered to call the lender to see if they were the ones who revoked my loans or cancelled them. It turns out, it was not the lender! Instead the school made a bad error.
Apparently someone marked down that my loans were cancelled after I had started classes. Then that money was sent back to my lender. And the school continued to give me refunds, even though I had no money in my account!
I was told that if they had caught this within 120 days there would be no problem, and they could have gotten my loans back. But they didn't find it in 120 days. Instead they found it on April 28, 2008!!!! Do you think I had a right to fight this? I was accepted for aid and the school took it away from me for no reason! I personally don't want to pay it back because I feel they took the money from me.
Posted by Anonymous
I payed American Tax Relief $5,300 in late July of 2005 for representation to the IRS to help me get the best possible deal. My tax debt at that time was $60,000. I got notices from the IRS in June of this year (two years later) saying that I now owed $77,000.
After more than 30 phone calls to these liars in the month of June of this year (before and after receiving more notices from the IRS) and NOT ONE return, I contacted the IRS (I have names and numbers) and was told that ATR had only contacted them about my case three times (with the most recent one being in February of 2006) since I paid for "representation". In July of this year I sent cancellation letters (to the IRS and ATR) of their Power of Attorney to "represent" me and began talking directly to the IRS to address this.
My tax liability has, under ATR's direct compensated involvement to help me avoid, has not only been ignored but has grown approximately $17,000.
The damages are monetary, physical, emotional and personal and these people are responsible for it. They are unscrupulous promoters of a program that most of the people owing money to the IRS have no possibility of meeting the requirements for.
American Tax Relief should not only be held monetarily accountable, punitive damages and civil sanctions should be attached to help them remember why their practices are illegal.
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