Login/Register With: Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment Drabinsky is seeking some exemptions, including being able to open a registered retirement savings plan and trade securities within the account, as well as set up a family company to minimize personal taxes and help with estate planning.“This is not cutting Mr. Drabinsky any slack,” said Richard H. Shekter, who represents Drabinsky.Shekter also argued his client needs some of the other caveats he’s asking for to be able to continue working. The lawyer said in previous hearings that the OSC’s suggested sanctions are broad enough to prevent Drabinsky from speaking with investors who are interested in his creative vision on future theatre productions.Drabinsky previously produced hits like The Phantom of the Opera and Joseph and the Amazing Technicolor Dreamcoat. His newest production, Sousatzka, debuts this month and is seen as his potential comeback vehicle.Foy said Drabinsky can continue to produce within film and television where there is limited private investment.But the OSC’s lawyers have argued the caveats and exemptions Drabinsky’s lawyers are asking for are unnecessary and broad.“They seem to be asking for a carve out for every conceivable situation,” Foy said.Foy added it’s impossible to predict whether the exemptions have any weaknesses that Drabinsky could exploit, while Drabinsky’s lawyer said he’s willing to co-operate with suggestions from the OSC’s three-member panel to revise his proposal along with input from Foy.The OSC will issue their decision on whether to mete out any regulatory penalties “in due course,” said D. Grant Vingoe, vice-chair of the commission and one of the members of the panel hearing the case.Drabinsky declined to comment at the end of the day’s proceedings. Advertisement Twitter Facebook Advertisement Lawyers for Ontario’s securities regulator said Monday in their closing statements that Garth Drabinsky, who defrauded investors of an estimated $500 million, should not be allowed to participate in the capital markets, while his representation called for some exceptions so he could continue to work in theatre production.“The capital markets are not the place for second chances,” said Pamela Foy, senior litigation counsel with the Ontario Securities Commission. She argued the regulatory agency cannot allow Drabinsky to be in a position where he could do more damage.Drabinsky was sentenced to a five-year prison term for his role in the Livent Entertainment fraud scandal that occurred nearly two decades ago. The OSC is seeking to ban him from acting as a director or officer of a public company and acting as or becoming a registrant in Ontario.