The Globe and Mail reported on December 15, 2022 that the Ontario Court of Justice acquitted the defendants in the Ontario Securities Commission's prosecution of three former executives of CannTrust Holdings Inc.
The OSC accused the defendants of various fraud, insider trading, and securities offences over allegations of unlicensed cannabis growing at a facility in the Niagara area. Evidence in court last week undermined the prosecution's assertions about the licensing status of the facility and the OSC concluded that there was no longer any reasonable prospect of conviction. ALG's Frank Addario and Lynda Morgan successfully represented Peter Aceto at trial.
The Globe posted an updated story on the acquittals later on December 15. As Frank told the Globe: "Mr. Aceto is not a criminal or a fraudster. He did not conceal material facts from investors and he never stood to gain from doing so. The acquittal he got today was a late-arriving, richly deserved recognition that he did nothing wrong.”