OSC bans Garth Drabinsky from becoming director or officer of company

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The Ontario Securities Commission has permanently banned Garth Drabinsky from becoming a director or an officer of any company after a nearly 16-year case against the former theatre impresario.

Drabinsky, who was found guilty of defrauding investors an estimated $500 million, is also prohibited from acting as or becoming a registrant in the province, according to the provincial watchdog.

The 67-year-old was found guilty of two counts of fraud and sentenced to a five-year prison term back in 2009 for manipulating company financial statements and orchestrating a kickback scheme. He appealed the convictions all the way up to the Supreme Court of Canada, which dismissed his application.

The OSC case was first launched in 2001, but was put on hold until the conclusion of his criminal case for his role in the Livent Entertainment scandal.

Read more at Metro News

This article is summarized by Canadian Fraud News Inc.