Wednesday, 3 September 2014
Last updated 15 hours ago
Mar 14 2011 | 12:59pm ET
The founder of collapsed Canadian hedge fund Norshield Financial Group remains a fugitive in a fraud case involving a children's television production company.
John Xanthoudakis is still being sought by police almost two weeks after he and three others were charged with running a C$120 million fraud. The third man accused in the case, Ronald Weinberg, co-founder of the production company Cinar, was arrested Thursday on his return to Montréal from a vacation in the Dominican Republic.
Weinberg was freed on C$140,000 bail and will be free to travel between Canada and the U.S., where he has a home on Long Island.
Xanthoudakis is accused of helping the other three accused fraudsters by illegally investing Cinar funds with the hopes of reaping the profits for themselves from 1998 to 2000.
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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The twin debacles of MF Global and PFG have damaged the reputation of the futures industry demanding an examination of customer protection rules. New rules are being implemented, which will add cost a...