Friday, 22 May 2015
Last updated 37 min ago
Jun 4 2012 | 2:09pm ET
Prominent Canadian hedge fund manager Otto Spork was ordered to pay nearly C$8 million for allegedly inflating his Sextant Capital Management funds' returns and overcharging investors.
The Ontario Securities Commission today imposed "sanctions that reflect the seriousness of the securities law violations that occurred in this matter." They include C$6.75 million in disgorgement and a C$1 million fine.
The OSC last year found Spork guilty of "non-criminal fraud." The regulator said that he inflated the value of the Sextant Strategic Opportunities fund and two offshore hedge funds by investing in a pair of private companies with rights to develop Icelandic glaciers. The OSC added that 95% of the hedge fund’s assets are invested in the companies, which are themselves almost totally owned by Spork and the Sextant funds.
Spork's daughter, Natalie, a Sextant director, was ordered to pay C$190,000, and former Sextant executive Dino Ekonomidis was ordered to pay C$500,000.
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…