12 SEP 2017: Ronald Greenwood has been sentenced following his conviction in relation to the failure of MKI Travel and Conference Management Inc. (MKI) which resulted in the largest single claim against Ontario’s Travel Compensation Fund. Greenwood was sentenced on September 7.

Greenwood was sentenced to:

1. 18 months of jail for each of the three convictions entered on March 10, 2017. These jail sentences are to be served concurrently;

2. Pay restitution in the amount of $2,036,933 to the Travel Industry Council of Ontario Compensation Fund.

The sentence was imposed in relation to the court’s finding that Ronald Greenwood is guilty of:

1. Two Counts of failing to prevent MKI from committing an offence of failing to deposit trust funds into the trust account (section 27(3) of Ontario Regulation 26/05 made under the Travel Industry Act, 2002 (the Regulation));

2. One Count of failing to prevent MKI from committing an offence of failing to obtain the Registrar’s consent in advance of opening a second trust account (section 27(4) of the Regulation);

MKI was a registered travel agent and wholesaler under the Act whose registration was voluntarily terminated effective May 13, 2013. MKI operated in Ottawa. Greenwood was a director and the guiding mind of MKI. The Ontario Travel Industry Compensation Fund paid a claim in excess of $2 million related to the closure of MKI.

Formed in 1997, TICO is a not-for-profit corporation wholly financed by Ontario-registered travel agents and wholesalers. It administers the Travel Industry Act, 2002 and the Ontario Travel Industry Compensation Fund.

TICO may be contacted at (905) 624-6241 or 1-888-451-TICO. Visit TICO’s website at www.tico.ca or email TICO at tico@tico.ca.

 

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