Peace Arch CEO arrested; Sagansky in
EmptyGary Howsam, CEO of growing production and sales company Peace Arch Entertainment, has been arrested and placed on administrative leave.
The company said Howsam was arrested Monday night "in connection with a U.S. federal investigation into certain transactions between Comerica Bank and Howsam prior to his joining Peace Arch in 2003." He was in court Tuesday, released on bond and ordered to stay in Pacific Palisades, Calif., a federal official said.
Peace Arch Entertainment confirmed the arrest in a statement. Co-chairman and industry veteran Jeff Sagansky has taken on the additional role of interim CEO in the wake of Howsam's leave.
Howsam was arrested during the American Film Market in Santa Monica, turning the emptying market halls into gossip central. Peace Arch is not a party to the investigation, a spokesperson said.
The company, listed on the U.S. and Canadian stock exchanges, has been an active player at AFM this year, sealing multiple deals on several titles.