Wednesday, 30 July 2014
Last updated 3 hours 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…