Media tycoon Conrad Black will appear in a Chicago court on Nov. 30 to answer fraud charges, according to the U.S. Attorney's Office.
Black and the three former Hollinger International executives are accused of swindling millions of dollars from Chicago-based Hollinger and abusing perks at the media company. Black was indicted in early November on eight charges of mail and wire fraud. If found guilty of all counts, he could face up to 40 years in jail.
U.S. Attorney Patrick Fitzgerald said he would seek extradition of Black from Canada if the executive does not appear at the arraignment hearing.
The allegations against Black and the other defendants relate mostly to Hollinger's $3.2 billion sale of the Southam newspaper chain to CanWest Global Communications Corp., and the use of corporate perks. The U.S. Attorney has also alleged that Black helped to defraud Canadian tax authorities by disguising bonus payments to Hollinger executives as non-compete agreements, which are not taxed.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access