The Canadian Press

1992-01-22 | Cormie

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Five years after the collapse of the Principal Group, Don Cormie admitted to misleading the hundreds of Canadians who lost their life savings because of his actions. The Principal Group president pleaded guilty to a charge of false and misleading advertising laid under the Federal Competition Act, and was fined 500 thousand dollars. The 69-year-old Cormie said he decided to end the anguish. (The 500-thousand-dollar fine was the largest ever imposed against an individual under the Competition Act. Cormie's lawyer said his client would have no trouble coming up with the money within a few days.)

Date: 1992-01-22
Placeline: Edmonton, AB, Canada
Source: The Canadian Press
Length: 12 seconds

Transcript Prediction: << we just don't didn't have access to all of the free access to all of the documents and the people that we needed so I thought it was time after five years to maybe call it quits >>

Clip ID: 19920122CPCN003