The Ontario Securities Commission held a hearing to consider whether to approve a settlement agreement between Staff and the respondent, a former director and officer of Philip Services Corp. The respondent admitted to failing to ensure that the company filed financial statements containing full, true, and plain disclosure regarding a restructuring charge, holding certificates, unrecorded liabilities, and a financing arrangement.
The Commission approved the settlement agreement as being in the public interest, imposing sanctions that included a 20-year director and officer ban, a 10-year trading ban, a reprimand, and $125,000 in costs.
