Oct 24, 2012
By Michael Kramer
Garth Drabinsky has been granted day parole.
The Livent co-founder told his parole board hearing today that he takes full responsibility for what occurred at Livent as CEO but also insisted that accounting staff undertook the fraud at the company without his knowledge because he pressured them so hard to maximize profits.
Drabinsky also said he has been contacted by the Governor General’s office which is reviewing whether to strip him of his Order of Canada.
It was granted in 1995 to recognize his contribution to the arts.
Drabinsky and business partner Myron Gottlieb were each convicted of two counts of fraud in 2009 after a judge ruled they had systematically mis-stated the financial statements of Livent in every quarter after the company went public in 1993 – until 1998.
Gottlieb received a four-year sentence and has already been released on day parole.
Both men will be serving the remainder of their sentences in half-way houses.