‘Ragtime’ producers deny accounting fraud
Former Broadway producers deny they have participated in large-scale accounting fraud
Former Broadway producers deny they have participated in large-scale accounting fraud
Former Broadway producers Garth Drabinsky and Myron Gottlieb have been
charged with two counts of fraud and one count of forgery. Their trial began
Monday in Ontario Superior Court in Toronto.
Prosecutors allege the two Canadians who co-founded Livent, a major Broadway
theatre company which produced hit shows such as ‘Ragtime’ and ‘Showboat’,
raised hundreds of millions in financing and that the fraud began even before
Livent went public, interactive investor reports.
The Toronto-based company filed for bankruptcy protection after the alleged
fraud was revealed when Michael Ovitz, former Walt Disney Co president, invested
in Livent. Drabinsky, Gottlieb and their lawyers declined comment.
Prosecutor Robert Hubbard said he is calling seven former Livent employees
who will testify their former bosses falsified financial statements and had
their accounting software modified to inflate income. Hubbard said they hid
production costs and inflated ticket sales to attract investors.
Further reading:
Read
the interactive investor story
The numbers you crunch tell a story. Your expertis...
16yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article