Newspaper article The Canadian Press

Former First Leaside Executives Get $18M Penalty from OSC for Fraud

Newspaper article The Canadian Press

Former First Leaside Executives Get $18M Penalty from OSC for Fraud

Article excerpt

Former First Leaside execs get $18M penalty

--

TORONTO - Two former executives from the defunct real estate firm First Leaside Group must pay $18 million in penalties and restitution after Ontario's securities regulator found they had defrauded investors by not disclosing a report critical of their business.

Founder David Phillips and salesman John Wilson have been ordered to pay back $16.6 million to investors, as well as costs and individual fines of $700,000 for Phillips and $400,000 for Wilson.

The pair are also banned from trading in securities on others' behalf and can no longer hold positions of authority in the financial industry, such as on a board of directors or at an investment fund.

The Ontario Securities Commission said that from August to October 2011 Phillips and Wilson did not inform their customers of a report from Grant Thornton Ltd. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.