07/30/2013 04:09 EDT | Updated 09/29/2013 05:12 EDT

Disgraced theatre mogul Drabinsky's bid for parole delayed for up to six months

Disgraced theatre mogul Garth Drabinsky will remain on day parole until a new hearing can be scheduled in his case.

The Parole Board of Canada said it is delaying Drabinsky's bid for full parole for up to six months. It did not give any reasons for the delay.

Last October, a two-member panel with the board granted the former impresario day parole, permitting him to serve the remainder of his five-year-fraud sentence at a Toronto halfway house.

As part of his conditions, Drabinsky is prohibited from owning or operating his own business or manage any money for any other individual, company or charity. He also cannot contact any of his co-accused, including longtime friend and business partner Myron Gottlieb.

Drabinsky's sentence ends September 2016.

In the documents, the parole board said since his release, Drabinsky has been employed with a "substantial annual salary" for a company set up in the trust of his wife and children. During weekends, he spends time with his family at their home and at a cottage.

"There have been no behavioural or compliance issues ... or with the supervision thus far, risk for recidivism remains low," wrote the board.

The ex-CEO of the now-defunct Livent Inc. — the company behind such big-stage productions like "Phantom of the Opera" and "Ragtime'' — was convicted in 2009 of two counts of fraud for a book-cooking scheme that ultimately resulted in the demise of company.

The court ruled that Drabinsky and Gottlieb orchestrated a scheme involving the falsification of Livent's financial statements to lower its expenses and make the company look like it was meeting high earnings projections.

The bankruptcy of the publicly-traded company ultimately cost investors an estimated $500 million.

At its height, Drabinsky told the panel that stocks were trading for $16 per share, making his own personal net worth at the time close to $50 million.

Gottlieb was released on day parole in March after being convicted of two counts of fraud.

Last May, Ontario's law society said it was taking steps against Drabinsky that could result in him losing his licence.

Drabinsky, who was called to the bar in 1975, has already agreed not to practice law, but now the Law Society of Upper Canada has started "conduct unbecoming of a licensee'' proceedings against him.

The allegations are based on his criminal convictions and if the law society discipline panel finds against him the possible penalties include a fine, an order restricting the services he can provide, or revoking his licence.

Drabinsky is also in the midst of fighting his removal from the Order of Canada.