Feeds

Former Corel CEO innocent of insider charges shock

It wasn't me, it was the holding com-pan-ee...

  • alert
  • submit to reddit

Boost IT visibility and business value

Former Corel CEO Michael Cowpland has been vindicated in the long-running Canadian insider trading action mounted against him by the Ontario Securities Commission (OSC). There is of course the small matter of the C$1 million fine, but still...

The Great Escape can be described approximately as follows, and don't blame us, we just write the stuff up. The charge that Cowpland tipped off himself or his own holding company, MCJC Holding (he and his alleged gambling debts are apparently wholly-owned subsidiaries) was dropped in December. The holding company itself has been fined, so must be deemed guilty, but the OSC has dropped charges against Cowpland that he permitted the holding company to make insider trades and that he made a false statement to the regulator.

Cowpland sold (or perhaps it wasn't him at all) 2.4 million shares in Corel in August 1997, a month before it reported a loss of $32 million in a quarter, and the stock plummeted. He would appear to have escaped a jail sentence and a fine of triple the profits on the deal, and apparently leaves the court without a stain on his character. But he'd probably better have a word with whoever's driving the holding company, seeing it nearly got him into such big trouble. ®

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
prev story

Whitepapers

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.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Securing Web Applications Made Simple and Scalable
Learn how automated security testing can provide a simple and scalable way to protect your web applications.