Ontario regulator to hear allegations against Conrad Black

Another chapter in the Conrad Black story begins today in Toronto.

Canadian authorities are scheduled to begin proceedings against the former media tycoon, who has already spent time in a Florida jail following U.S. convictions on related matters, which occurred more than a decade ago.

The Canadian legal proceeding is being handled by the Ontario Securities Commission, which has shared jurisdiction over the Hollinger newspaper business that Black once controlled.

The OSC alleges directors and officers of Hollinger Inc. and Hollinger International — including Black — engaged in "a scheme" to line their pockets with company proceeds through a complicated system of "non-competition"' payments

A source close to the well-known businessman and author — who has been the subject of a television movie and numerous books — says Black isn't expected to attend today's hearing.

A U.S. court recently gave final approval for a settlement between the U.S. Securities Commission and Black, who agreed to pay US$4.1 million in restitution and abide by limitations on his business activities.

The SEC is seen as being tougher than the OSC, and if the SEC has settled, that would generally suggest that the matter has been concluded," said James Morton, a Toronto lawyer who has followed Black's case.

To Morton, the hearings are largely about optics, because the Ontario Securities Commission has, in the past, been seen as weak in dealing with white-collar crime when compared with the United States.

"It may well be that the OSC is pursuing this in order to restore confidence in the securities regulation system in Ontario, which is obviously in the public interest, or perhaps simply to show that they are involved too … which is not a particularly useful use of taxpayers' money," he said.

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