The Royal Canadian Mounted Police charged Robert Waxman, a former senior corporate executive of Philip Services Corp. with 12 counts of Fraud Over $5,000. The charges were laid under Section 380(1)(a) of the Criminal Code of Canada and pertain to allegations of criminal activity in the Metals Recovery Group of Philip Services.
Police allege that Waxman defrauded Philip Services of around $20 million between Jan. 1, 1996- Dec. 31, 1997. During this time, Waxman was president of the Metals Recovery Group of Philip Services and a company director.
Police allege that Waxman committed fraud by a series of complex fraudulent transactions, leading to profits being siphoned off into "shell companies" in which police allege he was a beneficial owner. Police further allege that the accused committed about 80 of these fraudulent transactions during the time.
"Most of today's corporate fraud takes place across international borders," stated Inspector Dave Bellamy, RCMP Greater Toronto Area Commercial Waxman is scheduled to appear in Hamilton court Dec. 20.
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