Much wheezing outrage after Ford Nation’s thumbhead minister of corrections and community safety Michael Tibollo (l) recalled how he suited up in Toronto Police Service kevlar kouture for a tour of darkest Jane and Finch.
“I went out to Jane and Finch, put on a bulletproof vest, and spent 7 o’clock to 1 o’clock in the morning visiting sites that had previously had bullet-ridden people killed in the middle of the night,” quoth Tibollocks, who claimed his fashion choice for this close encounter with the electors of Humber River-Black Creek was not inspired by any unease with the locals, but rather dictated by TPS, safety first, etc.
(Q: Why didn’t Premier DoFo, also pictured, need a similar prophylactic against trigger-happy drug traffickers? A: Professional courtesy.)
“The police need tools to work with. They’re doing an incredible job ensuring that our streets are safe,” quoth the minister, in whom our flatfeet assuredly have a first-class tool.
But hang onto that vest, Mikey! Right behind you, to the tiresome left, it’s Now Magazine typist Enzo DiMatteo, with a leisurely strafe of the target-rich Ford cabinet:
“Ford boasted after his election that he had many star candidates to choose from for his cabinet, which makes you wonder why he chose lawyer Michael Tibollo, whose questionable resumé includes some trouble with the Ontario Securities Commission, as his minister of Community Safety and Correctional Services.”
Alas, DiMatteo didn’t bother to actually read the old OSC filings, otherwise he doubtless would have mentioned that Mikey was cleared on all counts!
At issue were woofy sales of shares, back in the late 90s, in two related groups of companies, Saxton Investments and Sussex International, purveyors of fine food and beverages to the Cuban hospitality industry. Tibollo, president of Sussex, speaks fluent Spanish and was well-connected in Cuba, but was not registered to deal in securities. OSC gumshoes, however, suspected there could be few other purposes to the numerous meetings and trips to Cuba he took with prospective punters.
These lucky investors were offered double-digit returns and the prospect of even fatter gains when the companies went public (they, er, never did). What they were not offered was a prospectus or any comparable information against which to judge the sales pitch.
When the companies instead sank into receivership, court-appointed beanos KPMG tallied up total investment from pigeons at $37M. Company assets, at their highest, had been $5.5M.
When it came time to face the OSC inquisition in ’05, Tibollo spared no expense in bulletproofing himself, tapping none other than Alan Lenczner, coruscating legalist to the stars (Tubby Black, Murray Pezim, Rob Ford, Somalia X-Man Bob Fowler, Bre-X supremo David Walsh, etc.)
Thanks to Lenczer’s $900-an-hour labours, and Tibollo’s complete and total innocence on all counts, amen, Mike skated, though not without taking indirect fire from the regulators:
“Our role is not to censure or suspend Tibollo as a lawyer, nor are we to judge the adequacy of his business conduct. That was not the essence of the allegations against Tibollo; the allegations were that he engaged in illegal distributions and unregistered trading and advising. There were nevertheless some disturbing aspects to his behaviour. Although we determined that he did not solicit the sale of Saxton or Sussex International securities, he, as the president of Sussex Group from November 1997 until 2000, knew by virtue of his meetings with two lawyers in the summer of 1997, about the illegality of the sales of Saxton securities and that Eizenga had not complied with securities law in raising funds that were used for the Cuban operations.”