Disgraced theatre mogul Garth Drabinsky has been granted full parole.

Drabinsky, 64, thanked the two-member parole board panel after an emotional two-hour hearing during which he described the strain of living apart from his family after being convicted of fraud.

He will now be allowed to serve out the rest of his sentence at the Toronto home he shares with his wife.

The ex-CEO of the now defunct Livent Inc. and his friend Myron Gottlieb were convicted in 2009 in connection with a book-cooking scheme that eventually led to the company's bankruptcy.

The demise of the publicly traded company ultimately cost investors an estimated $500 million.

Drabinsky's earlier bid for full parole failed because that panel couldn't reach a unanimous decision.