OSC begins case against Philip Services Corp.

(August 30 – 14:40 ET) – The Ontario Securities Commission has commenced proceedings against Philip Services Corp. and seven individuals, all former officers and/or directors of Philip. The individual respondents are: Allen Fracassi, Philip Fracassi, Marvin Boughton, Graham Hoey, Colin Soule, Robert Waxman and John Woodcroft.

OSC Enforcement Staff allege that Philip filed a prospectus in November 1997 with the Commission that failed to provide full, true and plain disclosure of all material facts relating to the securities offered. It is alleged that Philip and the individual Respondents failed to disclose material facts relating to a restructuring charge, various financial transactions and issues relating to Robert Waxman, a former officer and director of Philip.