Feeds

Confusion delays Cowpland insider trading trial to 2002

Who's responsible? The other guy, both parties claim

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Canadian securities market regulators may not get a chance to bring Corel founder and former CEO Michael Cowpland to trial on insider trading charges for at least two years, it has emerged.

The reason? Cowpland's prosecutor and his defender both claim it's up to the other to get the ball rolling. Neither can agree on who's responsible for sorting out a pre-trial hearing - and until that's done, the case remains deadlocked.

"We're just continuing preparing our defence," claimed Michael Edelson, Cowpland's lawyer, according to Reuters. "The defence doesn't prosecute, we defend, and it's up to the prosecution to move the matter forward."

In normal circumstances, yes, admitted Ontario Securities Commission spokesman Frank Switzer, speaking for the prosecution. However, Edelson "made the undertaking that he was going to be making the arrangements... with the judge in Ottawa to set up a pre-trial conference to set a date".

Cowpland was accused of insider trading by the OSC back in October 1999. The Commission claims Cowpland's sale of 2.4 million Corel shares in August 1997 was prompted by his knowledge that the company would soon post an unexpected loss. One month after the sale, Corel reported a $32 million loss. As a result, it's share price fell 40 per cent. Cowpland made $13.7 million on the sale.

Cowpland claims he acted without reference to the company's financial state - the sale was made to pay off personal debts.

A guilty verdict would leave Cowpland facing a fine of C$1 million ($680,000) plus three times any profit he made on the sale, and a stint of up to two years in gaol. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Scrapping the Human Rights Act: What about privacy and freedom of expression?
Justice minister's attack to destroy ability to challenge state
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Hey Brit taxpayers. You just spent £4m on Central London ‘innovation playground’
Catapult me a Mojito, I feel an Digital Innovation coming on
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
EU to accuse Ireland of giving Apple an overly peachy tax deal – report
Probe expected to say single-digit rate was unlawful
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
EU probes Google’s Android omerta again: Talk now, or else
Spill those Android secrets, or we’ll fine you
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.
The next step in data security
With recent increased privacy concerns and computers becoming more powerful, the chance of hackers being able to crack smaller-sized RSA keys increases.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
A strategic approach to identity relationship management
ForgeRock commissioned Forrester to evaluate companies’ IAM practices and requirements when it comes to customer-facing scenarios versus employee-facing ones.