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.

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