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Former CFO of Sino-Forest settles fraud case

Published July 21, 2014 12:25 pm
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Toronto • The former chief financial officer of Sino-Forest Corp. has agreed to pay $6.3 million and testify against other former executives of the China-based forestry company which collapsed under allegations of massive fraud.

David Horsley said Monday that he will also pay $700,000 in a settlement with the Ontario Securities Commission, which has cases pending against several other former Sino-Forest senior executives.

Most of the money, $5.6 million, will be paid to settle class action suits in Ontario and the U.S. brought by investors in Sino-Forest.



Sino-Forest was once Canada's most valuable publicly traded forestry business, but shares plunged two years ago after short-seller Muddy Waters Research alleged the company exaggerated its assets.

 

 

 

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