U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 23165 / December 19, 2014
Accounting and Auditing Enforcement Release No. 3617 / December 19, 2014
Securities and Exchange Commission v. Frank A. Dunn, et al., Civil Action No. 07-CV-2058 (S.D.N.Y.)
On December 19, 2014, the Securities and Exchange Commission filed Stipulations of Dismissal that dismiss with prejudice all claims against the remaining five defendants in SEC v. Dunn, et al., Civil Action No. 07 CV 2058 (S.D.N.Y.) -- Frank A. Dunn, Douglas C. Beatty, Michael J. Gollogly, MaryAnne E. Pahapill (a.k.a. Mary Anne Poland), and Douglas A. Hamilton -- arising out of their alleged role in accounting misconduct at Nortel Networks Corporation. The Commission's case, filed in 2007, has been stayed since 2009. In January 2013, a Canadian court acquitted Dunn, Beatty and Gollogly of all criminal charges brought against them for the same earnings management allegations charged by the Commission.
The dismissals filed today conclude the Commission's litigation in this matter. The distribution of the Fair Fund established in 2009 from the Commission's related enforcement actions, which consists of approximately $35 million, is nearly complete.