Black built the Chicago-based Hollinger International Inc. newspaper group, former owner of such noted dailies as the Chicago Sun-Times, the Jerusalem Post and the Daily Telegraph, the last two of which have since been sold.
Federal prosecutors in Chicago Thursday issued an arrest warrant for Black, who became a British citizen and then a member of the House of Lords, and several associates for allegedly diverting $83.8 million of Hollinger International shareholders' money into their own pockets.
"Conrad Black asserts his innocence without qualification with respect to each and every one of the charges set forth in the indictment," Black's lawyer said in London. "It will be shown that he has, at all times, acted within the law. He is confident, if given a full and fair opportunity to defend himself, he will be found innocent."
Black already faced civil charges in the case from U.S. regulators.