Waxman gets 8 year sentence

The former head of Philip Services’ metals recovery group in Hamilton has been handed down a hefty sentence.

A sentence of 8 years was handed down Thursday to the former president of Philip Service Corporation’s Metals Recovery Group in Hamilton.

Robert Waxman was facing up to nine years in prison for several complex frauds and thefts that cheated the company of almost $18 million in 1996 and 1997.

He was also fined $15.5 million and ordered to pay restitution of $18 million.

One condition says that the fine must be paid in full 3 years after the end of his sentence.

There is no legal binding that the restitution be paid; however, the ruling would be key to a possible future civil suit.

His lawyer has filed an appeal with the Ontario Court of Appeals.

Waxman has been out on bail since 2005.

Video: Lisa Hepfner reports: