Thursday, 21 August 2014
Last updated 10 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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note