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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. Media tycoon Conrad Black has been convicted of three charges of fraud and one of obstructing justice.
But Black, 62, was found not guilty by the Chicago jury of other racketeering, wire fraud and tax evasion charges. Black, 62, was cleared of racketeering and tax evasion but could face 35 years in jail when sentenced on 30 November. His lawyers said he would appeal.
His lawyers later said that the British peer would appeal. Sentencing is due to take place on 30 November. He was facing 13 charges over claims he stole $60m (£29.5m) from investors in newspaper firm Hollinger International, which used to own the Daily Telegraph.
He had faced 13 charges associated with claims he and three colleagues stole $60m (£29.5m) from investors in the newspaper firm Hollinger International. The Chicago jury also convicted three of the UK peer's associates of fraud.
The guilty verdicts cap a remarkable fall from grace for Black, once one of the UK's wealthiest and most influential media figures.The guilty verdicts cap a remarkable fall from grace for Black, once one of the UK's wealthiest and most influential media figures.
"Non-compete" guilt"Non-compete" guilt
The jury of nine women and three men took 12 days to reach a verdict in the high-profile case, after initially telling the judge that they could not reach an unanimous judgment.The jury of nine women and three men took 12 days to reach a verdict in the high-profile case, after initially telling the judge that they could not reach an unanimous judgment.
It only takes one fraud charge and the man is disgraced Joshua Rozenberg, Daily Telegraph Black: the charges Editor Robert Peston's blogIt only takes one fraud charge and the man is disgraced Joshua Rozenberg, Daily Telegraph Black: the charges Editor Robert Peston's blog
Black was found guilty of taking money owed to investors in the form of "non-compete" payments originating from the sale of newspaper titles. Black, who remained impassive as the verdicts were read out, was found guilty of taking money owed to investors in the form of "non-compete" payments originating from the sale of newspaper titles.
But he was cleared of abusing company resources to fund his extravagant lifestyle.But he was cleared of abusing company resources to fund his extravagant lifestyle.
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.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.
Black was present in court to hear the verdict along with his wife, Barbara Amiel Black.Black 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.The charges on which he was found guilty carry a maximum penalty of 35 years in prison.
Black ran one of the largest newspaper groups in the worldBlack ran one of the largest newspaper groups in the world
Sentencing will take place at a later date. Sentencing will take place on 30 November, the judge said later.
Legal experts said that although he had been cleared on several charges, the convictions for fraud were damning.Legal experts said that although he had been cleared on several charges, the convictions for fraud were damning.
"It only takes one fraud charge and the man is disgraced and finished," said Joshua Rozenberg, legal editor of the Daily Telegraph, once owned by Hollinger. "It only takes one fraud charge and the man is disgraced and finished," said Joshua Rozenberg, legal editor of the Daily Telegraph.
"He is clearly facing a lengthy prison sentence.""He is clearly facing a lengthy prison sentence."
Key testimonyKey testimony
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.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.
Radler told the court Black had personally initiated a fraudulent scheme to pocket payments which rival firms had agreed to pay Hollinger to limit competition in key markets.Radler told the court Black had personally initiated a fraudulent scheme to pocket payments which rival firms had agreed to pay Hollinger to limit competition in key markets.
Black's lawyers argued that Radler was a "self-confessed liar" and that the payments had been authorised by the company.Black's lawyers argued that Radler was a "self-confessed liar" and that the payments had been authorised by the company.
Hollinger's newspaper empire once spanned the globe, including titles such as the National Post of Canada and the Jerusalem Post.Hollinger's newspaper empire once spanned the globe, including titles such as the National Post of Canada and the Jerusalem Post.