Fourth suspect arrested in Cinar fraud case

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John Xanthoudakis CINAR

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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