Wednesday, 22 October 2014
Last updated 15 hours ago
May 26 2011 | 10:51am ET
The mastermind behind the Portus Alternative Asset Management hedge fund fraud will spend the next four years in jail.
Boaz Manor, who pleaded guilty in November to money laundering and disobeying a court order, saw his sentencing deal with prosecutors approved by a Toronto judge yesterday. Manor spent more than two years on the lam in Israel before returning to Canada in November 2007, two months after he was charged alongside Portus co-founder Michael Mendelsohn.
Portus, once Canada's largest hedge fund, was shuttered by regulators in March 2005. The firm–and, by extension, Manor and Mendelsohn, who was sentenced to two years in prison—misused some C$110 million in investor funds, prosecutors alleged. But Manor's lawyer said yesterday there was nothing nefarious about the Portus scandal.
"This was no scam or fraud in the traditional sense where vast sums are siphoned off," Brian Greenspan said. Investors have received 95% of their money back, according to prosecutors.
Still missing are nearly C$10 million worth of diamonds, which Manor has apparently lost track of.
"Perhaps it was safer than other investments during the period," Greenspan said. "I don't say that as justification." And the lawyer promised that "if he does find out where they are, he will bring it to the attention of the receiver."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...