ATLANTA — Opening arguments in the case against three former CannTrust Holdings Inc. executives accused of securities violations are anticipated to be heard by the Ontario court of justice today.
About three years after the marijuana business they managed was discovered cultivating thousands of kg of cannabis in unauthorised rooms, Peter Aceto, Eric Paul, and Mark Litwin are now being charged.
The men have been charged with fraud and authorizing, permitting or acquiescing in the commission of an offence.
Along with being accused of insider trading, Litwin, Paul, and Aceto are also accused of fabricating a false preliminary prospectus and a false prospectus.
In June 2021, about the time executives informed shareholders that the Vaughan, Ontario, company was in compliance with regulations, the Ontario Securities Commission for the first time filed accusations.
The three individuals assert they have always complied with the law and no longer work for CannTrust, which is now known as Phoena Holdings Inc.
Former CannTrust leaders accused of securities offences will have their case heard in Ontario court.
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