Cinar co-founder Ronald Weinberg has been sentenced to nine years in prison for investment fraud, Crown prosecutor Matthew Ferguson confirmed to Playback.

Weinberg, who co-founded the Montreal-based film and animation house with his late wife Micheline Charest, was charged in 2011 for transferring more than $120 million in Cinar funds into an offshore account in the Bahamas, without informing the company’s board of directors.

Weinberg’s co-defendants John Xanthoudakis of Norshield Financial Group and Lino Pasquale Matteo of Mount Real were also both sentenced to eight years in prison.

The judgement was delivered orally by Quebec Superior Court Justice Pierre Labrie on Wednesday. A written judgement is expected in the upcoming weeks.