Livent Founders Sentenced
Garth Drabinsky has been sentenced to seven years in jail while partner Myron Gottlieb received a six-year term for orchestrating an accounting fraud at Livent Inc., their theater company that produced such lauded fare as Kiss of the Spider Woman and Showboat.
The Crown was seeking eight to 10 years in prison for the co-founders of Livent, who were convicted of running the fraud at the theatre company over a number of years. More than $500-million was raised from investors based on false financial statements between 1993 and 1998 that understated expenses, sometimes by millions of dollars in a single quarter.
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The sentence was handed down by Ontario Superior Court of Justice Mary Lou Benotto, the same judge who found the two men guilty of fraud and forgery in March.
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♦Posted by: BeeHindy
Tags: Garth Drabinsky, livent, livent founders, livent founders sentenced, Myron Gottlieb
