MONTREAL - The final person being sought in a $120 million fraud investigation involving animation company Cinar has been placed under arrest.
John Xanthoudakis, ex-president of Norshield Financial Group, was arrested after getting off a flight at Montreal's Trudeau airport.
Xanthoudakis is expected to appear in court this afternoon.
He is the last of four men charged in a fraud case that includes Cinar co-founder Ronald Weinberg.
Weinberg, along with Cinar's former chief financial office and the former head of investment firm Mount Real were all released on bail under strict conditions.
The four men face a grand total of 36 charges -- including fraud, creating and using fake documents and publishing a false prospectus.
The fraud allegedly occurred between August 1998 and March 2000
Police allege the Cinar executives were involved in redirecting company funds to offshore accounts without the board's consent. The two financial company heads then allegedly helped invest and shield the money.
