Friday, 31 October 2014
Last updated 12 hours 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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