Sens owner faces trading allegations

[ottawasub]

http://www.tsn.ca/nhl/news_story/?ID=172906&hubname=

Eugene Melnyk, chairman of drugmaker Biovail Corp. and owner of the NHL's Ottawa Senators, faces Ontario Securities Commission allegations over share transactions conducted during the past decade through trusts in the Cayman Islands.

Melnyk, a Canadian citizen who has been a resident of Barbados since 1991, is accused of failing to file insider trading reports, failing to make other required disclosures and violating regulations covering control blocks of corporate shares.

As a result, "the disclosure contained in Biovail's circulars for 2002 to 2006, in a material respect and at the time and in light of the circumstances under which it was made, was misleading or untrue or did not state a fact that was required," the OSC alleges

I always thought he was a scumbag. It`ll be interesting to see what happens. When Rigas was exposed as a crook it nearly killed the Sabres in Buffalo. And people wondered why the players were reluctant to trust the owners during the lockout.

 

[emvee]

Yes, but the SEC in the US has real teeth. The OSC gives out punishment that's like 40 lashes with a spaghetti noodle by comparison. He'll probably get something like a $1,000 fine and a one year trading ban.

 

[dj1470]

Oh my goodness he might have to sell 0.0000000001% of one of his pharmaceutical companies to pay the fine. Give me a break. Guys like Melnyk have more money and power than all our politicians put together. Those who don't believe that multinational corporations rule the world like Charlemagne in the Middle Ages are extremely naive.