The Ontario Securities Commission (OSC) plans to hold a hearing to consider a possible settlement with former Livent Inc. finance executive, Gordon Eckstein.
The OSC said Tuesday it will hold a hearing on May 22 to decide whether to approve a settlement agreement between commission staff and Eckstein, who pled guilty to one count of fraud over $5,000 back in February 2007, in connection with misrepresentations made in the financial statements of Livent when he was an officer of the company.
The terms of any settlement with the securities commission will only be revealed if the agreement is approved by the commission.
According to a statement of allegations that was filed back in 2013, the OSC allege that the fraud conviction deserves a regulatory order, too.
The allegations note that as part of his guilty plea, Eckstein acknowledged that he participated in certain improper manipulations of corporate financial statements and supervised the creation of false accounting records.