A former TICO registrant has been convicted on two charges following the May 2013 closure of an Ottawa busines which resulted in more than $2 million in claims paid by the Ontario Travel Industry Compensation Fund.
Christopher Greenwood, an officer of MKI Travel and Conference Management Inc. and a former TICO registrant, plead guilty to one count of failing to take reasonable care to prevent MKI from committing an offence of failing to keep customer funds in a designated trust account. Greenwood also plead guilty to one count of failing to take reasonable care to prevent MKI from committing an offence of failing to obtain the Registrar’s consent prior to opening a trust account at the HSBC Bank of Canada.
He was sentenced to pay a fine of $8,000 for both counts. Two other counts against Greenwood were withdrawn.
In July 2013, TICO approved a payment of $2,036,933.04 to 5,000 customers of MKI following the closure of MKI in May of that year.
In August 2013, the organization then charged Christopher Greenwood, MKI president Ronald Greenwood and the company itself with four counts each of failing to maintain trust accounts, contrary to the Ontario Travel Industry Act.
Charges against Ronald Greenwood and MKI are still before the court.