Cinar co-founder Ronald Weinberg has been formally charged and released on bail in Montreal for his role in an alleged $120 million fraud case.

Weinberg surrendered to Quebec police last Thursday night at Montreal’s Pierre Elliott Trudeau International Airport after he returned to Canada from an overseas trip.

On Friday, he was released on $140,000 bail, with a pledge to return for a scheduled May 4 court date.

Also charged in the alleged $120 million fraud case is former Cinar CFO Hasanain Panju, John Xanthoudakis, president of Norshield Financial Group, and Lino Pasquale Matteo, president of Mount Real.

All four men face in all 36 fraud charges associated with $120 million in Cinar funds that were invested between August 1998 and March 2000.