KINGSTON, Ont. – Disgraced theatre impresario Garth Drabinsky has been granted day parole and will be released to a Toronto halfway house to serve the remainder of his sentence for fraud.
The Parole Board of Canada’s two-member panel said the 62-year-old does not pose an “undue risk” to public safety, but denied his application for full release, calling it “premature.”
The ex-CEO of the now-defunct Livent Inc. — the company behind such hits as “Phantom of the Opera” — testified for nearly three hours via video link from the Beaver Creek Institution in Gravenhurst, Ont.
He could be seen crying and hugging his family following the panel’s decision.
The panel imposed several conditions on his release, including prohibiting him from operating a business, being in charge of financials at any company, and associating with any convicted criminals, including his co-accused and longtime friend Myron Gottlieb.
In 2009, Drabinsky and Gottlieb were both convicted of two counts of fraud each for a book-cooking scheme that ultimately resulted in Livent declaring bankruptcy and investors losing an estimated $500 million.
Drabinsky was sentenced to five years in prison and Gottlieb to four years.
Gottlieb was released to a halfway house last July.
Drabinsky will be moved to the halfway house sometime after Nov. 11.