DRABINSKY'S FULL PAROLE DELAYED

Jul 31, 2013

By Michael Kramer

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Disgraced  entrepreneur Garth Drabinsky has had his full parole delayed for up to six months.

The Parole Board of Canada hasn’t given any reason for the delay.

Last October, a two-member panel  granted the former impresario day parole, permitting him to serve the remainder of his five-year-fraud sentence at a Toronto halfway house.

The ex-CEO of the now-defunct Livent – the company behind such big stage productions as Phantom of the Opera and Ragtime  was convicted in 2009 of two counts of fraud.

The court ruled that Drabinsky and his partner Myron Gottlieb  orchestrated a scheme involving the falsification of Livent’s financial statements – to lower its expenses and make the company look like it was meeting high earnings projections.

The bankruptcy of the publicly traded company ultimately cost investors an estimated $500 million.

Drabinsky is also in the midst of fighting his removal from the Order of Canada.

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