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Cinar Co-Founder Arrested, Released on Bail

Ronald Weinberg, co-founder and former CEO of Cinar, was arrested last week at Montreal's Trudeau Airport upon returning from the Dominican Republic, reports Variety.

Ronald Weinberg, co-founder and former CEO of Cinar, was arrested last week at Montreal's Trudeau Airport upon returning from the Dominican Republic, reports Variety. He was charged publishing a false prospectus. Weinberg was then released on bail for C$140,000 ($144,000). The court scheduled his next appearance for May 4.

The arrest was linked to claims that Cinar transferred $122 million in company funds to offshore accounts without board knowledge. Previously, Cinar CFO Hasanain Panju and Lino Matteo, the former president of financial services company Mount Real, were arrested and released on $51,000 bail. An arrest warrant has also been issued for John Xanthoudakis, Norshield Financial Group president, who police have yet to find.

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