Former Sino-Forest brass may face $84-million in penalties, OSC says

Former key executives of Sino-Forest Corp. alleged by the Ontario Securities Commission to have engaged in fraud or the violation of securities laws could face as much $84-million in potential penalties, the watchdog has told the company.

According to court documents, the OSC told Sino-Forest recently that it had not yet decided whether to pursue monetary penalties against the former officers and directors that it named in allegations it released earlier this year.

But if it did, the market regulator warned, it could seek up a total of up to $84-million, with between $7-million and $72-million in penalties that “could relate to fraud.”

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