Business

Conrad Black fined and banned by US

  • 16 August 2013
  • From the section Business
Conrad Black
Image caption Conrad Black served three years in a Florida prison for fraud

Former media baron Conrad Black has been fined $4.1m (£2.6m) and barred from becoming the director of a US company in a deal with regulators.

The settlement with the US Securities and Exchange Commission (SEC) relates to fraud charges.

Lord Black served three years in prison for fraud and obstruction of justice, and was released last year.

He is now expected to face court proceedings launched by Canada's main financial regulator.

The Ontario Securities Commission alleges that Lord Black, who is originally from Canada but gave up his citizenship in 2001, funnelled money from the publishing company he once controlled.

He once controlled Hollinger International, which published the Daily Telegraph and the Chicago Sun-Times.

In 2007 he 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.

Some of those convictions were later overturned, and his sentence shortened to 42 months.

He moved back to his native Canada following his release from a Florida prison in May 2012.

Despite his convictions he remains a member of the UK's House of Lords, and has the title Lord Black of Crossharbour.

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