Thursday, 18 December 2014
Last updated 5 hours ago
Aug 27 2012 | 12:42pm ET
Boaz Manor, the mastermind behind the Portus Alternative Asset Management scandal, is seeking to close the book on that fraud—from behind bars.
Manor, who was sentenced to four years in prison last May, struck a tentative agreement with the Ontario Securities Commission last week. The deal, terms of which were not disclosed, will go before an OSC panel today for approval.
The OSC relaunched its investigation into Portus a year ago, after a five-year break. The regulator had put the probe on hold in 2006, a year after Portus, which managed C$800 million, collapsed, and after Manor fled to Israel, where he spent two years on the lam.
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.
An OSC panel is also to decide on tentative settlements with two other people implicated in the Portus scandal, Michael Labanowich and John Ogg.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.