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All may face potential jail time if discovered responsible in quasi-criminal case led by the Ontario Securities Fee
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Fraud prices have been laid towards CannTrust Holdings Inc.’s former chief govt Peter Aceto and two former administrators, all of whom face potential jail time of as much as 5 years if discovered responsible in a sweeping quasi-criminal case led by the Ontario Securities Fee.
Firm co-founder and former board chair Eric Paul and former director Mark Litwin are additionally charged with insider buying and selling following a months-long investigation by Canada’s largest capital markets regulator. The OSC moved in following blockbuster revelations in the summertime of 2019 {that a} Well being Canada inspection of the publicly traded firm uncovered unlicensed hashish rising at its Pelham, Ont. facility.
The three males are dealing with a complete of greater than a dozen counts that embody allegations of constructing deceptive disclosure to traders in a case that can be prosecuted within the Ontario Courtroom of Justice as a consequence of its quasi-criminal nature, quite than earlier than an OSC tribunal as a civil matter. This marks the primary time the fee has gone after a public firm utilizing its quasi-criminal powers.
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