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Livent theatre executive Myron Gottlieb arrives at a downtown Toronto courthouse for sentencing Aug. 5/2009.Kevin Van Paassen/The Globe and Mail

Former Livent Inc. executive Myron Gottlieb has reached a tentative settlement with staff of the Ontario Securities Commission to resolve a long-running case involving allegations of wrongdoing at the live-theatre company in the 1990s.

The OSC said Friday that it will hold a hearing next Tuesday to consider a settlement agreement with Mr. Gottlieb. No details about the terms of the agreement will be released until it is approved.

The commission has accused Mr. Gottlieb of manipulating Livent's financial statements along with Livent co-founder Garth Drabinsky and former vice-president of finance Gordon Eckstein. The OSC's case remains ongoing against Mr. Drabinsky and Mr. Eckstein.

The commission initially launched the case in 2001, but it was on hold indefinitely while criminal proceedings were under way, and while the men served their penalties.

Mr. Gottlieb was convicted in 2009 and sentenced to four years in prison for his role in the fraud at Livent, and was released on parole in 2012. Mr. Drabinsky received a six-year sentence, while Mr. Eckstein received a conditional sentence including one year of house arrest.

The OSC's dormant case was revived early in 2013 with the commission saying it would rely on the criminal convictions for fraud as a basis for imposing regulatory penalties against the men.

The regulator is seeking to have all three permanently banned from buying securities in Ontario and prohibited from serving as an officer or director of a public company and from working in the investment industry.