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Garth Drabinsky has been punished enough, counsel tells Ontario bonds regulator

  • February 22, 2017

Garth Drabinsky has paid his debt to multitude and shouldn’t be punished again for his purpose in a Livent Entertainment rascal scandal, his warn pronounced Wednesday as Ontario’s bonds regulator began opening submissions in a long-running box opposite a ashamed party mogul.

Drabinsky, who has a manifest baggy and was regulating a walker, declined criticism on his approach into a conference room during a Ontario Securities Commission, that launched a regulatory cases opposite him and dual Livent executives in 2001. Those cases were put on reason while rapist charges opposite a 3 worked their approach by a courts.

“The lady that is sitting in this room currently is not a lady we listened about in a march of those proceedings,” warn Richard Shekter told a OSC’s three-member panel.

“He has concurred culpability, he feels terrible about what he did and he has done it his life goal to repair it and to minister to Canadian society.”

‘Served tough time’

Drabinsky, whose celebrity grew after producing hits such as The Phantom of a Opera, Joseph and a Amazing Technicolor Dreamcoat and Show Boat was found guilty of dual depends of rascal in 2009 and condemned to a four-year jail tenure for his purpose in a kickback intrigue that cost investors an estimated $500 million.

“He has served tough time,” Shekter said.

The OSC is seeking to anathema Drabinsky from behaving as a executive or officer of a open association and behaving as or apropos a registrant in Ontario.

Pamela Foy, comparison lawsuit warn with a OSC, told a conference that Drabinsky is “not a victim” and that a purpose of a sanctions are to strengthen investors and collateral markets as good as deter others from committing identical crimes.

She pronounced a anathema would not block Drabinsky’s ability to acquire a vital as Shekter suggested since he can work as an employee. Drabinsky is already operative on a new musical, Sousatzka, which debuts Saturday in Toronto.

“Mr. Drabinsky has each right to continue to acquire a vital in a party attention or otherwise,” Foy said.

“He does not, however, have a right to continue to attend in a collateral markets.”

But Shekter told a row such penalties would be “unmitigated overkill” and Drabinsky should be available to trade his possess investments and run a family association that would assistance him minimize taxes and ready estate planning.

“You don’t have to be a talent to know that what happened to Mr. Drabinsky is some-more of a deterrent, both personal and general, than anything this row can impose,” he said.

Calling witnesses

Shekter skeleton on job 7 witnesses to attest on Drabinsky’s behalf, including Geoff Beattie, who formerly managed private holding association Woodbridge, Richard Stursberg, former conduct of English denunciation services during a CBC, and former sovereign Court of Appeal probity Allen Linden.

Two dozen letters from several supporters including Onex Corp. owner Gerald Schwartz and Four Seasons owner Isadore Sharp will also be submitted to a panel, Shekter said.

Two other group were also charged and convicted in a Livent scandal.

Gordon Eckstein, who was a vice-president of financial during a party prolongation company, pleaded guilty in 2007 to fraud. He was given a redeeming judgment of dual years reduction a day, including a year of residence arrest.

Myron Gottlieb, who co-founded Livent along with Drabinsky, was convicted of fraud, condemned to 5 years in jail and expelled on release in 2012.

Both Eckstein and Gottlieb were after criminialized from portion as a executive or officer of a open association underneath settlements reached with a OSC.

Livent Entertainment sought failure insurance in 1998 and was sole off in 2001.

Article source: http://www.cbc.ca/news/business/osc-garth-drabinsky-1.3994036?cmp=rss

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