From the category archives:

OSC

Why Canada’s Stock Markets Attracted Russian Mobsters Like a Magnet

October 26, 2009

Even a former Premier of Ontario claimed he was duped as he presided over this fraudster’s scheme. The odd name YBM Magnex suddenly emerged from its shadowy past last week when the FBI placed Semion Mogilevich, its Russian mobster mastermind, on its “Ten Most Wanted” list. He is accused of swindling Canadian and U.S. investors [...]

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Has the SEC Caught the OSC’s Disease?

February 20, 2009

The world’s most powerful securities regulator has long called itself the investor’s advocate. Given its stunning failure over the Madoff scam and the latest scandal, involving R. Allen Stanford, it may be on its way to becoming known as the investor’s nightmare. For years, the Securities and Exchange Commission was regarded as one of the [...]

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RIM’s $77 Million Black Eye

February 5, 2009

We said a while back that there would be more surprises coming out of Research In Motion’s options backdating scandal.  A big one came today. Two years ago, I raised a number of concerns about Research In Motion’s corporate governance, describing it as a relic of the past.  As its backdating scandal unfolded, I expressed serious [...]

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In the Press on the Melnyk Mess at Biovail

April 14, 2008

Biovail, Canada’s largest publicly traded drug manufacturer, has been in the news probably more than it would like lately. It has had problems with its financial performance, with securities regulators and with its former CEO, Eugene Melnyk. When Mr. Melnyk was at the helm of the company, it was not exactly known for its exemplary [...]

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What Are Your Plans for Biovail Now, Mr. Melnyk?

March 24, 2008

Last week, we received inquiries from the press asking for a comment on Eugene Melnyk’s plans to change the board of Biovail. The published versions omitted our most important point: the SEC’s probe into Mr. Melnyk and Biovail may be the biggest factor in determining any influence he has in the future of the company. [...]

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Outrage of the Week: Canada’s Clueless Corporate Crime Cops (continued)

February 22, 2008

When the reputation of a major securities regulator like the OSC begins to look more like the reality show The Biggest Loser, you know you have a problem that needs fixing. The trial that began with criminal charges over the Bre-X fraud took six years and ended with the Ontario Securities Commission losing completely. The [...]

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Is Canada Getting Real with White-Collar Fraudsters?

January 29, 2008

I was interviewed by The Montreal Gazette yesterday in connection with the 12-year sentence handed down to Vincent Lacroix, the former head of Norbourg Asset Management. He was convicted of swindling more than 9,000 investors out of some $115 million over five years. It is one of the stiffest jail terms of its kind in [...]

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Do-little OSC Does Less Again With Conrad Black

January 10, 2008

The Ontario Securities Commission has again, for the sixth occasion, delayed its proceedings against Conrad Black. This time, the hearing that was to have commenced on January 8th has been rescheduled for the end of March, the same month that Mr. Black has a rather pressing appointment elsewhere, like with the U.S. Bureau of Prisons [...]

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Bre-X: The Giant Fraud that Started with a Bang Ends with a Regulator’s Whimper

August 26, 2007

From the stock market watchdogs who permitted the premature listing of the company to the cops and regulators who were unsuccessful in bringing even a single fraudster to justice, Bre-X was a colossal failure at every level. It’s not surprising that the Ontario Securities Commission has decided not to appeal the acquittal of John Felderhof, [...]

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