Suit alleges they tried to bridge gaps in the company’s performance by manipulating finances.

The Securities and Exchange Commission charged 4 former Nortel Networks executives with accounting fraud Monday.

Former CFO and controller Douglas C. Beatty, former CFO and CEO Frank A. Dunn, former Controller Michael J. Gollogly and former Assistant Controller and VP of corporate reporting MaryAnne E. Pahapill have been named in a civil fraud suit brought by the SEC in the U.S. District Court for the Southern District of New York, according to a press release from the SEC.

The suit alleges the 4 Nortel (down $0.05 to $28.03, Charts) executives sought to bridge the gaps between the company’s true financial performance, its internal expectations and Wall Street’s targets between September 2000 and January 2004. Toronto-based Nortel is a telecommunications equipment manufacturer.

The complaint charges the four executives with fraud, falsifying books and records and lying to auditors. Each is also charged with aiding and abetting the company’s violation of reporting, books and records, and internal controls rules.

Dunn and Beatty are separately charged with violations of Sarbanes-Oxley officer certification provisions, the release said.

[1] cnnMoney.com: SEC charges 4 ex-Nortel execs with fraud