US Authorities Fine and Ban Media Tycoon Conrad Black

This article was last updated on April 16, 2022

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Former Canadian media tycoon, Conrad Black, has been officially fined $4.1m (£2.6m) and barred from the US authorities during an attempt to become the director of a US company in a deal with regulators. The US Securities and Exchange Commission (SEC) settlement sited fraud charges to be the reason of their judgment, as they highlighted that Lord Black has served three years in prison for fraud and obstruction of justice until he was released last year.

Conrad Black is now expected to face court proceedings launched by Canada’s main financial regulator. The Ontario Securities Commission has claimed that Lord Black, who originally belongs to Canada but gave up his citizenship back in 2001, channeled money illegally from a publishing company that he once controlled. The company, Hollinger International, was famous for publishing the Daily Telegraph and the Chicago Sun-Times.

Back in 2007, Black was found guilty in the US of conspiring with other executives to siphon off millions of dollars from the sale of newspapers as they unwound Hollinger. Even though some of the original convictions were later retracted, and his sentence total 42 months was shortened down to 37 months, he was still enforced to pay US$125,000 fine and considered guilty. Soon after his release from a prison facility in Florida during May 2012, Block quickly moved back to Canada. However, regardless of his convictions in the US, Mr. Black is still considered an honorable member of the UK’s House of Lords, and retains the title Lord Black of Crossharbour.

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