The Ontario Securities Commission (OSC) is seeking a possible trading ban against former theatre impresario Garth Drabinsky and a couple of other executives from now defunct Livent Inc.
The OSC unveiled allegations Thursday against Drabinsky, Myron Gottlieb, and Gordon Eckstein, and announced it will hold a hearing on March 19, to consider an order prohibiting them from the markets, among other possible sanctions. The allegations have not been proven.
The three men were all convicted of fraud in connection with misrepresentations made in Livent’s financial statements. Eckstein pled guilty, while the other two were convicted at trial.
Ex Livent CEO granted day parole
The OSC said Thursday that these convictions “constitutes a basis… for an order in the public interest”.
Separately, the commission announced that it is withdrawing allegations against Livent and another former Livent official, Robert Topol, and releasing him from an undertaking given back in 2002 promising not to apply for registration, or to become an officer or director of a reporting issuer.