The Ontario Securities Commission has adjourned its hearing in the case of former Philip Services Corp. executive Robert Waxman pending the outcome of the preliminary hearing in his criminal case.

Waxman, the former president of Philip’s metals group, was charged by the RCMP with 12 counts of fraud relating to allegations he siphoned money out of Philip in 1996 and 1997.

His preliminary hearing is scheduled to be held later this year. The OSC said Waxman has agreed not to act as a director or officer of a public company pending the outcome of his OSC hearing.

Last week, five former executives at Philip Services received temporary bans from acting as directors or officers of public companies after admitting they failed to disclose key information about the company’s financial state in 1997.