Friday, 25 July 2014
Last updated 5 hours ago
Mar 17 2011 | 12:34pm ET
The former president of collapsed hedge fund Norshield Asset Management is free on bail as he faces allegations that he masterminded a C$120 million fraud.
John Xanthoudakis joined his four co-defendants on bail after posting C$100,000 bond, secured by his Montréal home. He was arrested on Tuesday after returning to Québec from Bermuda.
Xanthoudakis, who will be back in court on May 4, surrendered his passport and agreed not to leave the country and to live in the Montréal home. He also promised not to contact the other three men charged in the scam at Canadian animation studio Cinar.
The four men were charged earlier this month with 36 counts of fraud. According to the authorities, Xanthoudakis, Cinar president Ronald Weinberg, Cinar CFO Hasanain Panju and Lino Matteo conspired to illegally invest Cinar's capital in Norshield to reap the profits for themselves. Cinar shareholders wound up suing Norshiled after its 2005 collapse, which cost investors in the hedge fund 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…