Court hands Waxman eight years, $15.5M fine
Oct 20, 2011 | 06:31 PM
| 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 Waxmans 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.
Waxmans 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 Waxmans 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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