PITTSBURGH Former scrap metal executive Robert Karey Waxman is now in prison after justices of the Court of Appeal for Ontario rejected his appeal.
The decision marks an end to a nearly decade-long case. Waxman was charged with siphoning off more than $20 million from Philip Services Corp. (PSC) during the mid-1990s (amm.com, Dec. 20, 2004).
Waxman was also charged with arranging a series of copper trades that benefited Parametal Trading Inc., a company Waxman controlled, but caused Philip Services to suffer a loss.
The first case ended in a mistrial in June 2009 when it was discovered that inadmissible documents had been delivered to the jury. In the second trial, Waxman was convicted on four counts. He received an eight-year prison sentence, an $18-million restitution order and a $15.5-million fine to be paid within three years of his release (amm.com, Oct. 20, 2011).
Waxman had remained free while the Court of Appeal considered his argument that the judge in the trial was unfair. The court panel convened March 24-26, eventually rejecting his appeal.
Local media reported that he has surrendered to authorities.