Pays up £440,000 fine...
Published: 12 February 2002 08:20 GMT
Michael Cowpland, the former chief executive of Corel, has pleaded guilty to insider trading charges and has paid up a fine of £440,000 for his misdemeanours.
The case centres around a holding company owned by Cowpland called MCJC Holding. It bought £9m worth of shares in Corel in August 1997, just before the Canadian software outfit issued a profits warning. Cowpland was CEO at the time.
That moved the authorities in Canada to investigate the share purchase, which has culminated in Cowpland's guilty plea.
Back in October 1999, Cowpland denied any involvement in the share deal. He welcomed the investigation, saying he was "looking forward to finally having the chance to clear my name" (http://www.silicon.com/a33419 )
In a statement, the Ontario Securities Commission said charges of permitting the holding company to make insider trades and making a false statement to the regulator were withdrawn against Cowpland personally.
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