Sunday, 21 December 2014
Last updated 1 day ago
Mar 9 2010 | 9:19am ET
The heads of hedge fund Norshield Asset Management misled investors before it collapsed five years ago, Canadian regulators have ruled.
An Ontario Securities Commission panel has said that former CEO John Xanthoudakis and former President Dale Smith “failed to deal fairly, honestly and in good faith with investors.” The two knowingly used inflated asset values and failed to keep proper books or records after September 2003. The “directing minds” of Norshield also misled investors about where their money was, telling them it was invested in U.S. hedge funds when, in fact, it had been placed with offshore funds.
The OSC also rapped Peter Kefalas, former compliance officer at the hedge fund, for failing to meet his duties.
Investors lost some C$159 million when Norshield failed.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.