Thursday, March 26, 2009

Livent executives found guilty of fraud

Gareth Drabinsky and Myron Gottlieb were convicted of forgery and defrauding shareholders of over $400 million. They lead Broadway production firm Livent. They ran a fraudulent accounting system, which consisted of one set of books that showed a pretty picture of the success of the firm, and a second real book that showed that their losses were substantial. For the full story, read the article.

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