Court hands Waxman eight years, $15.5M fine

Oct 20, 2011 | 06:31 PM | Michael Cowden

Tags  Robert Waxman, Philip Services, copper cathode, Thomas Lofchik, Brian Greenspan, Ontario Superior Court of Justice, Michael Cowden

HAMILTON, Ontario — Former Philip Services Corp. executive Robert Karey Waxman, 56, was sentenced Thursday to eight years in prison after being convicted on fraud and theft charges related to dubious copper trades.

Waxman was released on Canadian $1 million ($984,337) bail Thursday by the Court of Appeal for Ontario in Toronto, according to court documents. Conditions of Waxman’s release from custody in Hamilton include that he surrender his passport, remain in the province of Ontario and refrain from securities trading. He must also report any financial transaction of more than C$75,000, court documents indicate.

Waxman’s sentencing also brought a fine of about $15.5 million, the amount the Ontario Superior Court in Hamilton determined was diverted from Philip Services to Waxman’s exclusive control. He also was ordered to pay restitution of nearly $18 million, the total amount said to have been diverted from Philip Services.....

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