Feeds

Confusion delays Cowpland insider trading trial to 2002

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

  • alert
  • submit to reddit

Gartner critical capabilities for enterprise endpoint backup

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. ®

The essential guide to IT transformation

More from The Register

next story
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
Premier League wants to PURGE ALL FOOTIE GIFs from social media
Not paying Murdoch? You're gonna get a right LEGALLING - thanks to automated software
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Ballmer quits Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Online tat bazaar eBay coughs to YET ANOTHER outage
Web-based flea market struck dumb by size and scale of fail
Amazon takes swipe at PayPal, Square with card reader for mobes
Etailer plans to undercut rivals with low transaction fee offer
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
US regulators OK sale of IBM's x86 server biz to Lenovo
Now all that remains is for gov't offices to ban the boxes
prev story

Whitepapers

5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Build a business case: developing custom apps
Learn how to maximize the value of custom applications by accelerating and simplifying their development.
Rethinking backup and recovery in the modern data center
Combining intelligence, operational analytics, and automation to enable efficient, data-driven IT organizations using the HP ABR approach.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.