Looking for a way to keep warm during the cold weather or rather alleviate your cold while under the weather?
Saturday, 21 January 2017
Last updated 23 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.