Monday, 24 November 2014
Last updated 2 days ago
Mar 3 2011 | 10:50am ET
Police in Canada are looking for former hedge fund manager John Xanthoudakis as former Norshield Financial Group president's alleged co-conspirators in a C$120 million fraud make their first court appearances.
Québec police have issued an arrest warrant for Xanthoudakis, who will be charged with fraud for his alleged role in the scam at children's television production company Cinar. Xanthoudakis is accused of helping former Cinar CFO Hasanian Panju and former Mount Real President Lino Matteo with illegally investing Cinar funds in the hopes of reaping the profits for themselves.
The alleged fraud occurred between 1998 and 2000, according to Québecois police, and the investigation into it has been ongoing for eight years.
Panju and Matteo are scheduled to appear in a Montréal courtroom today. Xanthoudakis remains at large, as does a fourth suspect, Cinar founder Ronald Weinberg, who is believed to be in Florida.
The alleged Cinar fraud is the second time that Xanthoudakis has found himself in trouble with the law. Last year, he and Norshield president Dale Smith were fined more than C$2 million each and barred from the securities industry for misleading investors in the hedge fund. Norshield collapsed almost six years ago, costing investors some C$159 million.
Nov 4 2014 | 9:45am ET
Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…
Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...