Ronald Weinberg sentenced to nine years for Cinar fraud

CTV Montreal: Cinar sentencing Cinar founder Ronald Weinberg was sentenced to nine years in prison for swindling investors out of more than $120 million in a fraud scheme.

Cinar founder Ronald Weinberg was sentenced Wednesday to nine years in prison for swindling investors out of more than $120 million in a fraud scheme.

He will serve eight years and 11 months due to his 30 days of time already served.

Co-defendants John Xanthoudakis and Lino Matteo were sentenced to eight years each.

The Crown called for a sentence of 10 years imprisonment for the three men, while Weinberg’s attorney Annie Émond pushed for a five-year sentence.

Crown attorney Matthew Ferguson argued before Judge Pierre Labrie that the crimes had tarnished Canada's reputation in international markets and made countless victims.

Ferguson told reporters outside the courtroom he believes "the message is getting through" that white-collar crime is as serious as other crimes.

He added the judge didn't think all the media attention the case received was a factor that should have led to lesser sentences.

"(The sentence) has to send a message -- in this case that white-collar crimes will be met with severe punishments," he said.

Weinberg's lawyer, Annie Emond, said she didn't know if her client will appeal.

"It's not a decision we will make today," she said.

They were convicted on June 2 after facing a total of 36 charges.

A fourth accused, ex-Cinar senior executive Hasanain Panju, previously pleaded guilty and was sentenced to four years in prison. He testified for the Crown at the trial.

Weinberg hijacked funds belonging to the company for personal benefit, then concealed them in the Bahamas with the help of Xanthoudakis and Matteo.

The fraud occurred between 1998 and 2000.

Cinar created popular children's shows such as "Arthur" and "Caillou."

With files from The Canadian Press