Former CannTrust execs to make 1st court appearance after fraud charges

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By Staff The Canadian Press

Posted July 26, 2021 8:43 am

Updated July 26, 2021 8:44 am

VAUGHAN, Ont. — Three erstwhile executives of CannTrust Holdings Inc. are expected to look successful an Ontario tribunal contiguous arsenic they look charges related to an unlicensed increasing scandal.

The cannabis company’s erstwhile main enforcement Peter Aceto, erstwhile vice-chairman Mark Litwin, and erstwhile president Eric Paul each look charges of fraud, making mendacious oregon misleading statements and authorizing, permitting oregon acquiescing successful the committee of an offence.

Litwin and Paul are besides facing insider trading charges and Litwin and Aceto are charged with making a mendacious prospectus and mendacious preliminary prospectus.

The Ontario Securities Commission and Royal Canadian Mounted Police announced the charges successful June, astir 3 years aft CannTrust was recovered to beryllium increasing thousands of kilograms of cannabis successful unlicensed rooms.

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The OSC and RCMP allege the accused did not disclose to investors that astir 50 per cent of the increasing abstraction astatine CannTrust’s Pelham, Ont. installation was not licensed by Health Canada and that they allegedly utilized firm disclosures to asseverate that they were compliant with regulatory approvals.

Someone convicted of an Ontario Securities Act usurpation tin beryllium sentenced to up to 5 years successful jail, issued a good of up to $5 million, oregon both.

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