Robert Brush

The Ontario Securities Commission held a hearing to consider whether to approve a settlement agreement between Staff and several individual respondents regarding their failure to ensure that Philip Services Corp. filed financial statements containing full, true, and plain disclosure.

The Commission approved the settlement, which included reprimands, director and officer bans ranging from five to twelve years, and a collective costs payment of $500,000.

The Commission found the sanctions proportionate and in the public interest, noting the respondents' cooperation and efforts to restructure the company.