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Former newspaper mogul Conrad Black was sentenced Monday to 6 1/2 years in prison for swindling shareholders in his Hollinger International media empire out of millions of dollars.
Black, 63, a Canadian-born member of the British House of Lords renowned for his lavish lifestyle and flamboyant way with words, had faced up to slightly more than 8 years in prison under sentencing guidelines determined earlier Monday by U.S. District Judge Amy J. St. Eve.
According to media magnate and permanent Bilderberg member Conrad Black, the ban on reporters "makes discussion more intimate and candid. There are no massive indiscretions, but the exchanges can be quite heated." This is a polite way of saying that members can secretly speak their minds about whatever grandiose schemes of world conquest they envision themselves as having the divine right to execute, without fearing that their words will ever be heard by the public.
Originally posted by anhinga
Good to hear about more corporate fraud sentencing for ripping off stock-holders. And for those following his trail -- member of the Bilderberg group! See you in almost seven years scumbag.
Black will serve his sentence in Saufley Prison, a low-security jail. It is not the least secure prison he could have found himself in – that would have been a minimum security facility with no fences – but it is not as harsh as a medium or high security jail where he might have rubbed shoulders with murderers.
His prison will have double-fenced perimeters, armed perimeter patrols and strong work and other tertiary programmes for inmates.
He will exchange his tailor-made suits for a basic uniform of shirt and khaki trousers on arrival and be strip-searched and fingerprinted.
From the cobbled driveway, all I can see of Conrad Black's pad, in the ritziest precinct of Palm Beach, Fla., is an unusually high fence. It consists of densely spaced black iron bars, 20 feet high, armed with gold-plated spikes, strong and deadly enough to stop a charging elephant.
Black also faces a number of suits against him:
The Ontario Securities Commission and its US counterpart, the United States Securities and Exchange Commission, are expected to start proceedings against Black
Black faces court claims by companies he formerly controlled, including Hollinger Inc. and Hollinger International, now renamed Sun-Times Media Group.
Class-action suits seeking damages of hundreds of millions of dollars are expected to be filed by retail and institutional investors embittered by stock market losses racked up by his former companies after shareholder complaints of accounting irregularities.
Sun-Times Media Group Inc. is suing Black for US$542 million, accusing him and other former executives of stealing hundreds of millions of dollars from the company. The suit alleges they engaged in racketeering, allowing the company to seek triple damages under U.S. anti-corruption laws.
Toronto-based Hollinger Inc. is suing Black, claiming damages of more than US$700 million, including breach of contract, conspiracy, unjust enrichment and unlawful interference with Hollinger's economic interest.
Sotheby's International Realty Inc., which claims Black owes US$557,000 in commission on the sale of his Park Avenue apartment.
U.S. institutional investor Cardinal Capital is involved in several suits against Black's companies, including a Chicago-based lawsuit alleging federal securities violations filed by a group including a Louisiana teachers' pension fund.
Canadian investors have launched $4-billion class-action lawsuit against Black, his wife Barbara Amiel Black, David Radler and others, alleging they suffered market losses that may have been caused by the controversies surrounding Black's management.