Nortel Networks has agreed to pay $35 million to settle accounting fraud charges with the Securities and Exchange Commission.

The SEC charged the Canadian telecommunications equipment maker with engaging in accounting fraud from 2000 to 2003 to close gaps between its true performance, internal targets and Wall Street expectations. "Nortel's fraud was long-running, intentional and pervasive," said Christopher Conte, associate director of the SEC's Division of Enforcement, in a statement.

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