Permanent market bans, $11.6M in penalties, and $64.6M in disgorgement ordered for massive corporate fraud.
Following a merits decision finding that the respondents perpetrated a massive corporate fraud involving standing timber assets and related party transactions, the Ontario Securities Commission held a sanctions and costs hearing.
The Commission imposed permanent market participation bans on the individual respondents.
It also ordered administrative penalties totaling over $11.6 million and disgorgement of over $64.6 million, representing salaries, bonuses, and proceeds obtained through the fraudulent conduct.
The respondents were also ordered to pay over $5 million in costs.
