Greenwood Appeal Unsuccessful: TICO
Further to the previous conviction and sentencing of Ronald Greenwood in relation to the failure of MKI Travel and Conference Management Inc., Greenwood has had an appeal denied and the convictions entered March 10 and the sentence imposed on Sept. 7 upheld.
These were 18 months jail for each of the three convictions, to be served concurrently, and to pay restitution in the amount of $2,036,933 to the Travel Industry Council of Ontario Compensation Fund.
The sentence was imposed in relation to the Ontario Court of Justice earlier finding Greenwood guilty of two counts of failing to prevent MKI from committing an offense of failing to deposit trust funds into the trust account under the Travel Industry Act, and one count of failing to prevent MKI from committing an offense of failing to obtain the Registrar’s consent in advance of opening a second trust account.
MKI operated in Ottawa and Greenwood served as a director. The Ontario Travel Industry Compensation Fund paid a claim in excess of $2 million related to the closure of MKI.