Oh, Lord! $4M fine & US ban

Written By Unknown on Jumat, 16 Agustus 2013 | 10.46

The Securities and Exchange Commission yesterday banned former press baron Conrad Black from acting as a director of a US company and said he must pay $4.1 million in restitution in a settlement that ends a long-standing lawsuit over Black's dealings as the head of the Hollinger media empire.

In its heyday, Hollinger International operated a raft of newspapers that included the Chicago Sun-Times, the Jerusalem Post, Britain's Daily Telegraph and the National Post in Black's native Canada. Black, 68, gave up Canadian citizenship when he became a member of Britain's House of Lords.

Conrad Black

Bloomberg

Conrad Black

The final judgment by the SEC followed Black's appeal of an October 2012 SEC judgment that ordered him to pay $6.1 million. He was released from prison more than a year ago after serving a sentence for fraud and obstruction of justice.

The $4.1 million will be paid to Chicago Newspaper Liquidation Corp., formerly known as the Sun-Times Media Group, which was a Hollinger successor company.

Reuters

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