Black was accused of siphoning off millions of dollars belonging to shareholders in his Hollinger International newspaper holding company through what were billed as non-compete payments from buyers of community newspapers owned by the company.
Buyers of newspapers often make non-compete payments in return for a promise from the sellers not to compete against the new owners. But federal prosecutors said such payments rightly belonged to shareholders.
And they argued that the three fraud counts on which jurors convicted Black referred to funds camouflaged as non-compete payments but actually represented instances in which Black and fellow Hollinger executives aided by a company attorney helped themselves to the shareholders money.
Hollinger International, at one point in the 1990s, owned The Carthage Press and the Neosho Daily News.
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