Trouble for Sun-Times Parent Company

Trouble for Sun-Times Parent Company

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A media magnate with ties to Chicago may have a harder time fighting fraud charges against him. Federal prosecutors accuse Conrad Black and others of stealing $92 million from Hollinger International, the owner of several news outlets, including the Chicago Sun-Times and suburban papers.

Black allegedly used a Canadian holding company in the looting scheme. Now, that company has agreed to help prosecutors in their case against Black and other executives.

Investigators will have access to financial details that may strengthen their hand. In exchange, prosecutors won’t charge the holding company for crimes its executives may have committed.

Black has denied any wrongdoing. He’s accused of several counts of fraud and racketeering.

The trial is set for early next year.