OSC to consider Radler settlement

The Ontario Securities Commission will hold a hearing on Wednesday to consider a settlement deal involving former Hollinger International executive David Radler.

The stock market watchdog will consider whether it is in the public interest to approve the deal, reached between Radler and the staff of the commission, the OSC said in a release issued Monday.

The settlement, if accepted, would relate to Radler’s guilty plea in U.S. criminal proceedings and his settlement with the U.S. Securities and Exchange Commission.

Radler, former Chicago SunTimes publisher and president of Hollinger International, was caught up in charges along with his former boss, Conrad Black, of siphoning funds from the newspaper holding company.

On Sept. 20, 2005, Radler signed a plea agreement in the U.S., admitting to one count of mail fraud.

In December 2007, he was sentenced to 29 months in jail and a fine of $250,000. He received parole in 2008 after serving 10 months.

On Jan. 30, 2007, Radler reached a settlement deal with the U.S. Securities and Exchange Commission, though he neither admitted nor denied allegations of wrongdoing by the agency. He agreed to pay disgorgement and civil penalties. As well, he was permanently barred from serving as a director or officer of a public company in the U.S.

Radler has paid back more than $61 million (U.S.) in restitution.

The OSC said in the release it will not continue with its original allegations against Radler, launched in 2005.