Bad Month: Conrad Black

Conrad Black, the Canadian-born media tycoon, has been convicted of fraud and obstructing justice after a three-month trial in Chicago.

As well as facing a lengthy prison sentence, the former CEO of Hollinger International has become the target of compensation claims from the company and its shareholders, which could wipe out the remains of his personal wealth.

The three fraud convictions relate to bogus non-compete payments made to Black and other senior Hollinger executives by two of the company’s subsidiaries. The fourth conviction, for obstruction of justice, follows Black being caught on security camera removing 13 boxes of documents, including one of the non-compete agreements, from his office in Toronto.

Even before his fall from grace, Black was no stranger to the law courts. In 1983 he was sued by workers at Canadian supermarket chain The Dominion after he ‘reclaimed’ US$62 million surplus cash from their pension fund. He was ordered to pay back half the money.

Now, lawyers for the former proprietor of The Daily Telegraph say he will appeal against the ruling.