Fourth suspect arrested in Cinar fraud case

John Xan­thoudakis CINAR

Que­bec provin­cial police on Tues­day morn­ing arrested the fourth and final sus­pect in a $120 mil­lion fraud case in con­nec­tion with the down­fall of Montreal-based ani­ma­tion stu­dio Cinar.

For­mer Nor­shield Finan­cial Group pres­i­dent John Xan­thoudakis, 52, was arrested at Trudeau Inter­na­tional Air­port shortly before 9 a.m. He had arrived on a flight from Bermuda.

Arraigned Tues­day after­noon in a Mon­treal court, he was charged with 36 fraud and forgery-related counts. Released on $100,000 bail, Xan­thoudakis was ordered to reap­pear in court in May.

Accord­ing to author­i­ties, the Montreal-based hedge fund oper­a­tor offered no resis­tance after being hand­cuffed and while being led into an unmarked police car. Que­bec provin­cial police allege that Xan­thoudakis — along with com­pany pres­i­dent Ronald Wein­berg, Hasan­ian Panju and Lino Pasquale Mat­teo — took part in a finan­cial fraud at the now-defunct children’s TV pro­duc­tion company.

More On The CINAR Fraud Case at Big Car­toon Forum

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