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.
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.
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