KINGSTON, Ontario (AP) — Former Broadway theater mogul Garth Drabinsky has been granted day parole and will be released to a Toronto halfway house to serve the remainder of his sentence for fraud.

The Parole Board of Canada said Wednesday the 62-year-old does not pose an undue risk to public safety, but denied his application for full release, calling it premature.

The ex-CEO of the now-defunct Livent — the company behind "Ragtime" and other Broadway hits — testified via video link from an Ontario prison.

Drabinsky could be seen crying and hugging his family following the decision. He is prohibited from operating a business and associating with co-accused Myron Gottlieb.

In 2009, Drabinsky and Gottlieb were both convicted of two counts of fraud each for a book-cooking scheme. Drabinsky was sentenced to five years.