"Each of the defendants betrayed Nortel's investors and their misconduct gave rise to billions of dollars in shareholder losses, " said Linda Thomsen, the SEC's enforcement director.

BBC: NEWS | Business | SEC charges former Nortel bosses

Already today, there was speculation that Linda Thomsen , a highly regarded longtime SEC prosecutor and Cutler's deputy, would be named interim enforcement director, if not his outright successor.

FORBES: Wall Street Needs A New Cop

But SEC enforcement chief Linda Thomsen says it's important to send a "strong message that officers of U.S.-filing foreign corporations will be held to the same standards of accountability" as U.S. execs.

FORBES: Oh, Canada