OSC targets Philip Services in September hearing
Last Updated: Friday, November 10, 2000 | 11:56 PM ET
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- Philip Services response to OSC enforcement action
- Ontario Securities Commission statement of allegations
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The Ontario Securities Commission has accused the company's co-founders, Allen and Philip Fracassi, and five others of failing to disclose all material facts when they filed a prospectus in 1997 designed to raise money from investors.
The OSC is alleging the company "failed to disclose material facts relating to a restructuring charge, various financial transactions and issues relating to Robert Waxman, a former officer and director of Philip."
Waxman was also named by the OSC. Marvin Boughton, Graham Hoey, Colin Soule, and John Woodcroft are the others who have been told to attend the disciplinary hearing.
Philip Services was one of North America's biggest metal recycling companies. It emerged from creditor protection earlier this year after it lost a fortune in copper trading in 1998.
Investors sued the company, claiming the company misled them about its true financial position.
The OSC hearing begins September 27 in Toronto.
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