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OSC rules: Sino-Forest defrauded its investors

Timber company Sino-Forest and several of its top executives defrauded investors and misled investigators, the Ontario Securities Commission ruled in one of Canada’s largest corporate fraud cases.

In a nearly 300-page decision released Friday, the regulator said the company as well as former chief executive Allen Chan “engaged in deceitful or dishonest conduct related to Sino-Forest’s standing timber assets and revenue they knew constituted fraud.”

In addition, Albert Ip, Alfred Hung and George Ho were also found to have defrauded investors by overstating the now-defunct company’s assets and revenue.

Read more at The Star

This article is summarized by Canadian Fraud News Inc.