Nortel CFO quits in fiscal scandal

Nortel CFO quits in fiscal scandal

Nortel Networks' chief financial officer, Terry Hungle, has resigned after just a few months in the position and what may have been some improper transactions, according to a Nortel statement.

In March, while working as vice president, finance and business development, Americas, Hungle transferred about $US78,500 in the Nortel 401(k) plan from a stock fund investing mostly in Nortel stock to a fixed-income fund, according to Nortel. In December, he transferred about $86,300 from the fixed-income fund to the stock fund, Nortel said.

They "occurred outside the trading windows imposed by the corporation upon certain employees", according to the Nortel statement.

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