God Damn! Those Quebec folks are at least 30 years ahead of the rest of the country.
What gives?
see story:
** Media News ** Quebec police arrest suspected mastermind in alleged Cinar fraud: John Xanthoudakis
by: Rheal Seguin, The Globe & Mail, Tuesday, March 15, 2011
Quebec police have arrested the fourth suspect in a multimillion-dollar scandal that brought down Cinar, a once-successful Montreal-based animator.
John Xanthoudakis was arrested Tuesday morning at Montreal’s Pierre-Elliott-Trudeau airport, where he arrived on a flight from Bermuda. Mr. Xanthoudakis was handcuffed and taken into custody, police said.
Mr. Xanthoudakis is the suspected mastermind behind the alleged fraud involving the animation company, which has been at the centre of a 10-year police investigation.
Last week, police arrested Cinar president Ronald Weinberg, who has been charged along with Mr. Xanthoudakis and two other suspects with 36 fraud- and forgery-related charges dating back to 2000 – when $120-million went missing from the company and was allegedly funnelled into offshore bank accounts in the Bahamas.
Mr. Xanthoudakis is the former president of Norshield Financial Group, which went bankrupt in 2005. Cinar shareholders sued Norshield in an attempt to recoup the money, but Mr. Xanthoudakis denied any wrongdoing. Police suspect that Mr. Xanthoudakis helped Mr. Weinberg set up a fraudulent scheme that eventually brought down one of the jewels of the entertainment world.
None of the allegations against Mr. Xanthoudakis have been tested in court. He is scheduled to appear before a justice on Tuesday afternoon.
Last week, Mr. Weinberg was released on bail and ordered to appear in court on May 4. Court appearances have also been set for the two other men accused in the alleged scam. Cinar’s former chief financial officer, Hasanaim Panju, is accused of helping to redirect company funds to offshore accounts.
The former president of investment firm Mount Real, Lino Pasquale Matteo, is accused of using his company to cover-up the scam. Mr. Panju and Mr. Matteo were arrested two weeks ago.
Along with Mr. Weinberg, once a major figure in the entertainment business, the three associates used “deceit, falsehood and other fraudulent means” to drain company funds, according to police warrants.
.........please read the article online at -
http://www.theglobeandmail.com/news/nat ... le1942492/ Other Related Media News
Police arrest fourth suspect in Cinar fraud case - CBC News -
http://www.cbc.ca/news/canada/montreal/ ... fraud.html Fourth man arrested in alleged $120M Cinar fraud - CTV National News -
http://www.ctv.ca/CTVNews/Canada/201103 ... ud-110315/ ------------------------------------
It is heart warming to see that the police here in Quebec eventually gets their man, with the arrest today of John Xanthoudakis, once the mighty President of the now defunct Norshield Financial Group.
Next step will be the criminal trial of this notorious gang of "alleged" fraudsters.
If Bill C-59 passes in time, then these fellows, once properly convicted, will no longer be eligible to receive early accelerated parole at the 1/6th mark in their prison term.
Finally, we are starting to see the tide change in Canada against financial fraudsters.
Yours on the committee,
Jerry, Kevin, Danielle, Cherie, Ginny, Peter, Brook, and Joey
(advocate comments.......in my home town, I am not even permitted (twice requested in writing, twice ignored) to speak about white collar crime to my own city of Lethbridge police commission. The Chairman of the commission is an Investors Group salesman, and the Mayor is the man I feel most responsible for hiding $30 million in foolish investments made (with taxpayer money) in sub prime mortgage investments. (I guess white collar crime is a topic somewhat "sensitive" for these guys) This is a good example of why I use the word "systemic" to describe how widespread the fear, and the resulting coverup of some abuses in our society.