SEC & DOJ Prosecutions
Enforcement Action Charging Fraudulent Scheme to Plunder Subsidiary
SEC v. Conrad M. Black, F. David Radler and Hollinger, Inc.
- $54.1 Million
Defendants in this case were charged with engaging in a fraudulent and deceptive scheme to divert cash and assets from Hollinger International, Inc., subsidiary of the entity defendant Hollinger, Inc. Defendants allegedly diverted approximately $85 million of proceeds from Hollinger International’s sale of newspaper publications through purported “non-competition” payments to related parties, and deceived investors about the transactions through misrepresentations to auditors and Directors, and in Hollinger International’s filings with the Commission.