Former Corel CEO back in frame as regulators toss deal
Lack of guilt replaced by deep contrition...
Former Corel CEO Michael Cowpland is not not guilty of insider trading after all. Earlier this week he appeared to have escaped the slammer via a strange deal whereby his personal holding company peaded guilty and paid the fine, but Cowpland himself escaped, sort of.
But this was part of a negotiated settlement which has now gone up in smoke, as the Ontario Securities Commission has now decided to junk it. Aside from having the charges against him dropped, Cowpland was going to be reprimanded and barred from being a company director for two years. An OSC judicial panel has now however decided to reject the deal as not sending a strong enough message. Quoted in the Globe & Mail yesterday, OSC vice chairman Paul Moore said there must be "real consequences" to illegal actions, and that the financial settlement should reflect the financial circumstances of the accused.
Cowpland's lawyer now says that he's "entirely and deeply contrite." He is also now headed back to the negotiating table, no doubt... ®