Portus Fraudster In Deal With Regulator

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.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Malik: The Ever-Changing Middle Market and The Entering Class of 2016

Sep 2 2016 | 5:01pm ET

Deal sourcing and origination is only going to get more competitive given current...