OSC bans, fines Robert Waxman

摘要

Robert Waxman, a former senior employee of the Waxman family scrap recycling business in Hamilton, Ontario and a former Philip Services Corp. executive, has been banned for 20 years from serving as an officer or director of a public company under a settlement reached in December, 2007 with the Ontario Securities Commission (OSC). The agreement includes a ten-year ban from trading in securities and payment of $125,000 towards the OSC's costs. Given that Waxman is 52 years old, it is tantamount to a life ban. Waxman was a key figure in a decade-old financial scandal surrounding the Hamilton-based metal recycling division of Philip Services, where a large amount of valuable scrap copper went missing. Philip Services revealed in early 1998 that it couldn't find $88 million worth of recycled copper, and its shares tumbled from a peak of $27.90 to penny-stock levels. Around that time the company became embroiled in a financial scandal shortly after completing a US$364-million share offering.