FORMER LIVENT FRAUDSTER GOTTLIEB GETS DAY PAROLE

Mar 28, 2013

By Michael Kramer

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Former theatre mogul Myron Gottlieb has been granted full parole, despite what the Parole Board of Canada calls his “abject refusal” to take responsibility for his crimes.

Gottlieb and Garth Drabinsky, the co-founders of now-defunct Livent Inc., were convicted of two counts each of fraud in a scheme to falsify financial statements so they could lower expenses and keep pace with lofty earnings projections.

Livent was behind such hits as “Phantom of the Opera,” and  filed for bankruptcy soon after the fraud was discovered in 1998.

The company’s  demise is estimated to have cost investors about $500 million.

The parole board says the courts clearly found Gottlieb was active in arranging and facilitating the fraud and expresses dismay that Gottlieb says he is guilty only insofar as he didn’t properly oversee those working below him.

Gottlieb was granted day parole from Beaver Creek Institution in Gravenhurst, Ontario, to a halfway house in Toronto in July after serving about 11 months of his four-year sentence.

The board this week released the full parole decision from February, and in it they order Gottlieb not to have contact with Drabinsky, to give financial information to his parole supervisor and not to be self-employed, operate a business or manage the finances of any other person, business or charity.

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