OSC bans Garth Drabinsky from becoming director or officer of company
TORONTO — Ontario’s securities watchdog has permanently banned Garth Drabinsky from becoming a director or officer of any company, bringing to a close a 16-year-old case against the former theatre impresario.
Drabinsky, who defrauded investors of an estimated $500 million, is also prohibited from acting as or becoming a registrant in the province, the Ontario Securities Commission said Friday.
The OSC case against Drabinsky 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.
Drabinsky 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 the application.