Conrad Black convicted of fraud

[Saddle Bronc 124]

http://news.bbc.co.uk/2/hi/business/6897991.stm

Conrad Black convicted of fraud

Media tycoon Conrad Black has been convicted of three charges of fraud, and one of obstructing justice.

But Black was found not guilty by the Chicago jury of other racketeering, wire fraud and tax evasion charges.

The British peer, 62, was impassive as the verdicts were read out. His lawyers later said that he would appeal.

He had faced 13 charges associated with claims he and three colleagues stole $60m (£29.5m) from investors in the newspaper firm Hollinger International.

The guilty verdicts cap a remarkable fall from grace for Black, once one of the UK's wealthiest and most influential media figures.

"Non-compete" guilt

The jury of nine women and three men took 12 days to reach a verdict in the high-profile case, after initially telling the judge that they could not reach an unanimous judgment.

It only takes one fraud charge and the man is disgraced

Joshua Rozenberg, Daily Telegraph

Black was found guilty of taking money owed to investors in the form of "non-compete" payments originating from the sale of newspaper titles.

But he was cleared of abusing company resources to fund his extravagant lifestyle.

Three of Black's associates - Jack Boultbee, Peter Atkinson and Mark Kipnis - were also found guilty of fraud at the end of the 16-week trial.

Black was present in court to hear the verdict along with his wife, Barbara Amiel Black.

The charges on which he was found guilty carry a maximum penalty of 35 years in prison.

Sentencing will take place at a later date.

Legal experts said that although he had been cleared on several charges, the convictions for fraud were damning.

"It only takes one fraud charge and the man is disgraced and finished," said Joshua Rozenberg, legal editor of the Daily Telegraph, once owned by Hollinger.

"He is clearly facing a lengthy prison sentence."

Key testimony

David Radler, the British peer's former second-in-command at Hollinger, testified against Black after himself admitting fraud in return for a reduced sentence.

Radler told the court Black had personally initiated a fraudulent scheme to pocket payments which rival firms had agreed to pay Hollinger to limit competition in key markets.

Black's lawyers argued that Radler was a "self-confessed liar" and that the payments had been authorised by the company.

Hollinger's newspaper empire once spanned the globe, including titles such as the National Post of Canada and the Jerusalem Post.

Note: Wikipedia benignly states that Black "gave up his Canadian citizenship in 2001 for a lifetime perrage", but does not mention that he did so because then-PM Chretien had told him that he could not give a recommendation for a peerage--in other words, Black renounced citizenship out of rancour against Canada (and still didn't divest of his Canadian holdings!).

So, (as a Canuck) I am shedding no tears about his being nailed!

[Emancipation 2]

Yep this one was no big shocker.. Looks good on 'em.. You cheat & steal & lie and you get caught.. End of story

[almaty 19]

he is a chopf##k