Jun 04`12 - Simon Shiva Bala - Conviction
Toronto – Simon Shiva Bala has been convicted on one count of failing to maintain trust accounts contrary to section 27 of Regulation 25/05 made under the Ontario Travel Industry Act, 2002. In addition, Simon Shiva Bala has been convicted on one count of failing to maintain the minimum working capital required contrary to section 24 of the Regulation.
Mr. Bala was fined $25,000 for each count for a total fine of $50,000. As well, Mr. Bala is to pay $100,000 in restitution to TICO, $50,000 of which was paid at the time of sentencing. Mr. Bala is subject to a two year probation order which includes paying the balance of the $50,000 restitution to TICO within 30 days. Mr. Bala must inform TICO within 15 days of employment in the travel industry and notify potential employers in the travel industry of his conviction under the Travel Industry Act, 2002.
Mr. Bala was the Vice President of Conquest Vacations Inc. and approximately $1.9 million in claims were paid out of the Ontario Travel Industry Compensation Fund to assist consumers.
Reference: Michael Pepper, C.E.O. TICO (905) 624-6241