2 fmr. Broadway producers to be sentenced

August 5, 2009 7:38:20 AM PDT
Two co-founders of a Broadway theater company that produced hit shows such as "Ragtime" and "Show Boat" are appearing before a court to be sentenced for fraud.

Garth Drabinsky and Myron Gottlieb, co-founders of Livent, a major Broadway theater company in the 1990s, were convicted of two counts of fraud and one count of forgery. They are appearing in court Wednesday morning.

A judge ruled the Tony award-winning producers knowingly submitted financial statements to investors misrepresenting their company's circumstances.

Prosecutors are seeking sentences of eight to 10 years in prison, while the defense lawyers are asking for conditional sentences of about two years plus probation and community service.

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