Technology OSC orders executives to pay millions in penalties in Sino-Forest case

20:07  11 july  2018
20:07  11 july  2018 Source:   cbc.ca

Ontario residents evacuated over forest fire risk return home

  Ontario residents evacuated over forest fire risk return home TORONTO - The mayor of a northern Ontario community says residents have been allowed to return to homes they were forced to leave earlier this week as forest fires burned nearby. But Lorie Hunter, the mayor of Temagami, Ont., says there are still 19 active forest fires near the community and residents know they could be asked to leave their homes again if the situation changes. Hunter says 20 homes were involved in the evacuation that took place on Sunday, and says the entire town is watching the situation.

The case against Sino - Forest and five of its former executives was one of the most complex cases in the Ontario Securities Commission’s history. David Horsley, former chief financial officer of Sino - Forest , also agreed to pay .3 million to the OSC and to settle class-action lawsuits in 2014

^ a b Canadian regulators order Sino - Forest executives to resign - DealBook/New York Times, 26 Aug 2011. ^ Sino - Forest Trading Halted, OSC Rescinds Order - Bloomberg, 26 Aug 2011. ^ "Banks to pay .5 million settlement in Sino - Forest lawsuit by investors".

a close up of text on a white background: The Ontario Securities Commission ruled in 2017 that timber company Sino-Forest and several of its top executives defrauded investors.© Provided by Canadian Broadcasting Corporation The Ontario Securities Commission ruled in 2017 that timber company Sino-Forest and several of its top executives defrauded investors.

The Ontario Securities Commission has ordered several top executives of timber company Sino-Forest to pay millions in administrative penalties, disgorgement and costs.

The regulator ruled last year that the company and several of its top executives defrauded investors and misled investigators in one of Canada's largest corporate fraud cases.

Former CEO Allen Chan, as well as Albert Ip, Alfred Hung and George Ho defrauded investors by overstating the now defunct company's timber assets and revenue.

Former SNC-Lavalin VP pleads guilty in MUHC corruption trial

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Share this story. .6 billion award in Sino - Forest fraud case expected to open the litigation floodgates. It later agreed to pay an million penalty to the Ontario Securities Commission, but admitted no wrongdoing, for its audits of Sino - Forest .

Balsillie may not serve on RIM’s board for at least 12 months as part of the settlement, and Kavelman must pay a C.5 million penalty . The OSC alleged the executives backdated and repriced stock options using dates on which the market price of RIM’s shares was relatively low.

In a decision this week, Chan was ordered to pay a $5-million administrative penalty, disgorge nearly $60.3 million and pay $2 million in costs to the commission.

Ip was ordered to pay a total of about $6 million, while Hung was ordered to pay nearly $4.3 million and Ho was ordered to pay about $3.7 million.

Simon Yeung, who was found to have misled staff during the investigation, was ordered to pay an administrative penalty of $1,000.

The men were also permanently prohibited from trading or acquiring in any securities and prevented from becoming a director or officer of any issuer, registrant or investment fund manager.

Earlier this year, an Ontario Superior Court judge found Chan guilty of fraud, breach of fiduciary duty and negligence and ordered him to pay more than $2.6 billion.

Roughly 20 homes evacuated in Temagami, Ont., area due to forest fire

  Roughly 20 homes evacuated in Temagami, Ont., area due to forest fire Residents of about 20 homes near Temagami, Ont., are being forced to flee due to a nearby forest fire, provincial police say. The OPP says members of its Temiskaming detachment assisted the province's Ministry of Natural Resources and Forestry in implementing the mandatory evacuation order. It affects residents living between Finlayson Point Provincial Park Road and Jessie Lake. Police say there is a "dangerously close, active forest fire" in the area, and those affected have been asked to travel north on Highway 11, away from the flames.

Two executives of failed investment firm First Leaside Wealth Management Inc. have been ordered to pay - million in penalties and The men argued at a sanction hearing in May that they should not be held responsible for paying money to the OSC that they never personally received, but which went

Executive Compensation. The Ontario Securities Commission has ruled that former Bay Street lawyer Mitchell Finkelstein and four others must pay more than .7- million in fines and penalties , and banned them from trading for 10 OSC seeking .5- million fine in Finkelstein insider trading case .

The court ordered Chan to pay $2.63 billion in damages and $5 million in punitive damages in the civil case filed by SFC Litigation Trust, which is acting on behalf of the company's creditors.

The investigation into Sino-Forest started in 2011 when short seller Carson Block of Muddy Waters Research published a report accusing the company of being "a multibillion-dollar Ponzi scheme."

Sino-Forest was once the most valuable forestry company listed on the Toronto Stock Exchange and conducted most of its business in China until it collapsed in 2012.

Report: Cardinals GM Keim could be suspended, fined for DUI .
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