Thursday, 21 August 2014
Last updated 1 hour ago
Aug 8 2011 | 12:31pm ET
After five years on the shelf—and after two men were sent to prison—the regulatory investigation into collapsed hedge fund Portus Alternative Asset Management is back.
The Ontario Securities Commission resumed its administrative hearings this morning. The regulator had put the investigation on hold in 2006, a year after Portus, which managed C$800 million, collapsed; in the interim, firm founders Boaz Manor and Michael Mendelsohn were sent the prison, the latter in May, three-and-a-half years after returning to Canada after two years on the lam in Israel.
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.
The OSC can impose fines and bans from the financial industry.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note