David Bruce Fingold, Fobasco Limited, And Slater Industries Inc.
For Immediate Release Before the Court OSC
Toronto - On February 11, 1999, Mr. Justice Keenan of the Ontario Court of Justice (General Division) released his decision and reasons resulting from an appeal brought by the Ontario Securities Commission. The appeal was from a decision of Judge Babe of the Ontario Court (Provincial Division), acquitting the three above-named parties on charges of "insider trading" in shares of Cineplex Odeon Corporation in contravention of section 76 of the Securities Act. Mr. Justice Keenan upheld the decision of Judge Babe.
The Ontario Securities Commission announced today that it has decided not to seek a further appeal of the matter. In addition, staff of the Commission will be formally withdrawing allegations made in a corresponding notice of hearing against the three above-named parties as well as John Paul Fingold, arising out of the same transactions.
Corporate Relations Branch