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Cinar co-founder Ronald Weinberg arriving at the courthouse in Montreal on Monday, Dec. 11, 2006.Paul Chiasson

The next chapter in the multimillion-dollar Cinar fraud scandal shifted dramatically to Florida yesterday, where authorities suspect Ronald Weinberg has gone.

Mr. Weinberg, 59 - the central figure in a newly invigorated investigation into the spectacular collapse of his once-soaring animation company - has been a fugitive since a warrant for his arrest was issued late Wednesday.

"We're confident that he will turn himself over to police," said Crown prosecutor Matthew Ferguson. "If he doesn't, then we'll take the appropriate measures."

In Quebec City, Annie-Claude Bergeron, a spokesperson for the director of criminal and penal prosecutions, would not rule out extradition. "If it becomes necessary, we will take the steps," she said.

Attempts to reach Mr. Weinberg's lawyers were unsuccessful. His exact whereabouts are uncertain but one source close to the case confirmed "we know that he is not in Canada."

Quebec provincial police would only say that Mr. Weinberg is "still missing and being searched for." They charged him and three associates with a total of 36 charges including fraud and forgery dating back to 2000, when $120-million went missing from Cinar.

Mr. Weinberg and his wife, Micheline Charest, who has since died, led the children's animation company with flair and flamboyance until they were accused by the board of allegedly funnelling millions into offshore bank accounts in the Bahamas.

In a related collapse of the Norshield hedge fund, close to 2,000 investors lost $159-million. John Xanthoudakis, former president of Norshield Financial Group and an associate of Mr. Weinberg's, also remains at large.

Two co-accused, who were arrested this week, appeared in a Montreal courtroom on Thursday for their arraignment.

Hasanain Panju, the former chief financial officer of Cinar, and Lino Pasquale Matteo, former president of investment firm Mount Real, were each released on $50,000 bail after surrendering their passports. Conditions of their release include a ban on trading securities or holding a position in a public company.

The arrest warrants released yesterday accused Mr. Panju and Mr. Weinberg of using "deceit, falsehood or other fraudulent means" to siphon funds from Cinar, while Mr. Matteo allegedly helped hide the money trail.

Mr. Matteo, looking somewhat dishevelled in an ill-fitting blue jacket, a T-shirt and jeans, did not have a lawyer and requested legal aid.

The pair's trial date was set for May 4.

Regardless of how the criminal proceedings turn out, however, it is not likely that much, if any, of the money will be retrieved so many years later.

"Realistically speaking, it may be difficult," said Bill Brock, a litigator at Davies Ward Phillips & Vineberg LLP, who has led the charge to recover the missing millions for former Cinar shareholders. "But the people I represent would be pleased by what has happened."

"It may have taken some time but people have been called to account for what they have done," he said. "It is important that there is a sense of justice."

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