Conrad Black Found Guilty

AP - Media mogul Black guilty of fraud

Former media mogul Conrad Black was convicted Friday of swindling the far-flung Hollinger International newspaper empire he once ran out of millions of dollars, becoming the latest in a wave of disgraced corporate executives to face prison time for financial fraud.

Black, 62, who once renounced his Canadian citizenship to become a member of the British House of Lords, was found guilty by a federal jury of three counts of mail fraud and one count of obstruction of justice for spiriting documents out of his Toronto office in defiance of a court order.

Black was acquitted of nine other counts ranging from tax fraud to the most serious charge — racketeering. He was also acquitted of fleecing Hollinger shareholders through such perks as taking the corporate jet on a two-week vacation to the island of Bora Bora.

Three other former Hollinger executives, John Boultbee, 65, of Victoria, British Columbia, Peter Y. Atkinson, 60, of Oakville, Ontario, and Mark Kipnis, 59, of Northbrook, Ill., were also convicted of fraud charges.

Prosecutors asked U.S. District Judge Amy St. Eve to have Black jailed immediately, saying he could face approximately 15 years to nearly 20 years in federal prison for the conviction. But defense attorneys said the actual sentence was likely to be much less.

In contrast to the $84 million in fraud prosecutors blamed on Black when he was indicted two years ago, the jurors found him guilty of a fraction of that — defense attorneys put the amount at $3.5 million.