Ontario court to hear case of former CannTrust leaders charged with securities offences

The Ontario Superior Court building is seen in Toronto, Wednesday, Jan. 29, 2020. THE CANADIAN PRESS/Colin Perkel

TORONTO — The Ontario court of justice is expected to hear opening arguments today in a case against three former CannTrust Holdings Inc. leaders accused of securities offences.

Peter Aceto, Eric Paul and Mark Litwin are facing charges roughly three years after the pot company they ran was found growing thousands of kilograms of cannabis in unlicensed rooms.

The men have been charged with fraud and authorizing, permitting or acquiescing in the commission of an offence.

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Litwin and Paul are also facing insider trading charges, and Litwin and Aceto are charged with making a false prospectus and false preliminary prospectus.

The charges were first laid by the Ontario Securities Commission in June 2021, around the same time executives told shareholders the Vaughan, Ont. company was compliant with regulations.

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The three men no longer work for CannTrust, which is now called Phoena Holdings Inc., and maintain they have always complied with the law.

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