Tuesday, 24 November 2015
Last updated 4 min ago
Mar 15 2011 | 12:55pm ET
John Xanthoudakis, the former hedge fund honcho accused of masterminding a C$120 million fraud, has been arrested.
The fourth and final suspect in the case to be apprehended, Xanthoudakis was taken into custody at Montréal's Pierre-Elliott-Trudeau International Airport this morning upon his return from Bermuda. He is set to appear in court this afternoon.
Two weeks ago, prosecutors in Québec charged Xanthoudakis, the former president of collapsed hedge fund Norshield Financial Group, with 36 counts of fraud and forgery. According to the authorities, Xanthoudakis and Ronald Weinberg, president of Canadian children's television production and animation company Cinar, set up a scheme to illegally invest Cinar's capital in Norshield to reap the profits for themselves and for two other alleged co-conspirators. The plan backfired when Norshield collapsed in 2005, leading Cinar shareholders to sue the defunct hedge fund.
Norshield's collapse cost investors some C$159 million.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…