The defendants, two highly paid executives, were convicted of fraud arising from the public procurement process for a $300 million renovation to St. Michael's Hospital.
They engaged in secret communications and concealed conflicts of interest, causing significant financial and reputational harm to the hospital, other bidders, and the public procurement system.
The court found the fraud exceeded $1 million, triggering a mandatory minimum sentence.
Aquino, who orchestrated the scheme and destroyed evidence, was sentenced to 7 years' imprisonment.
Georgiou, who breached his position of trust but may have misguidedly believed his actions benefited the hospital, was sentenced to 5 years' imprisonment.