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Conrad Black convicted of fraud Conrad Black convicted of fraud
(10 minutes later)
Media tycoon Conrad Black has been convicted of three charges of fraud and one of obstructing justice by a jury in Chicago.Media tycoon Conrad Black has been convicted of three charges of fraud and one of obstructing justice by a jury in Chicago.
But Black was found not guilty of separate charges of racketeering, wire fraud and tax evasion.But Black was found not guilty of separate charges of racketeering, wire fraud and tax evasion.
Black was facing 13 charges associated with claims that he stole $60m from investors in the newspaper firm Hollinger International which he ran.Black was facing 13 charges associated with claims that he stole $60m from investors in the newspaper firm Hollinger International which he ran.
The jury took 12 days to reach a verdict in the high-profile case.The jury took 12 days to reach a verdict in the high-profile case.
Three of Black's associates were also found guilty of fraud at the end of the 16-week trial. Black was found guilty of taking money in the form of "non-compete" payments owed to shareholders but was cleared of abusing company resources to fund his extravagant lifestyle.
Black, 62, was present in court to hear the verdict along with his wife. Three of Black's associates - Jack Boultbee, Peter Atkinson and Mark Kipnis - were also found guilty of fraud at the end of the 16-week trial.
A British peer, Black faced a maximum of 100 years in prison if convicted on all counts. Black, 62, was present in court to hear the verdict along with his wife, Barbara Amiel Black.
The charges on which he was found guilty carry a maximum penalty of 35 years in prison.
Sentencing will take place at a later date.
David Radler, the British peer's former second-in-command at Hollinger, testified against Black after himself admitting fraud in return for a reduced sentence.