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

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.