Michael Cowpland, the former chairman and chief executive of software manufacturer, Corel Corp this week agreed to pay $575,000 in order to settle an insider trading case brought against him by the Ontario Securities Commission (OSC).
Mr Cowpland's personal holding company, MCJC Holdings Inc. stood accused of selling some $20.4 million in Corel stock in 1997, shortly before the firm announced that it would fall short of forecast third quarter sales for that year.
The holding company pleaded guilty last year, and was fined $1 million, leaving Mr Cowpland's personal role in the affair to be scrutinised by the OSC.
Under the terms of the settlement announced on Monday, the former Corel chief will pay a $500,000 'voluntary' payment and $75,000 costs, and will be reprimanded by the Commission and prevented from serving as director of a reporting issuer in Ontario for two years. The proposed agreement must now be approved by an OSC panel.
Speaking to the Canadian Press following the hearing, Mr Cowpland explained that:
"The lesson today for an executive is that you have to look ahead to potential accounting problems. I was focused more on the operations than on the accounting at that time."
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