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Ronald Greenwood sentenced after largest claim ever against Comp Fund

Ronald Greenwood sentenced after largest claim ever against Comp Fund

Monday, September 11, 2017

TORONTO — Former ACTA President and Algonquin Travel founder Ronald Greenwood has been sentenced to both jail time and restitution payment 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 Sept. 7 to 18 months of jail for each of the three convictions entered on March 10 (sentences are to be served concurrently), and to 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 Greenwood is guilty of: two counts of failing to prevent MKI from committing an offence of failing to deposit trust funds into the trust account of Ontario Regulation 26/05 made under the Travel Industry Act, 2002; and 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.

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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.

Tags: TICO
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