Tuesday, 26 May 2015
Last updated 3 days 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…