Friday, 27 March 2015
Last updated 3 hours ago
Sep 27 2007 | 7:33am ET
More than two years after hedge fund Portus Alternative Asset Management collapsed—and one of its founders fled—Canadian authorities have brought criminal charges against its two founders.
The Royal Canadian Mounted Police have charged Boaz Manor and Michael Mendelson with fraud, money laundering, obstruction of justice and possession of property obtained by a crime in connection with Portus’ failure.
Canadian regulators shuttered the once C$800 million (US$796 million) fund in March 2005. Portus allegedly misused some C$110 million in investors’ funds, while C$18 million remains missing, according to court-appointed receiver KPMG. In addition, Manor has been charged with defrauding investors by not investing U.S. funds it managed.
Manor fled Canada for Israel just before the Ontario Securities Commission seized his fund’s assets two years ago. An arrest warrant has been issued for him.
In addition to the charges brought yesterday, both Manor and Mendelson face charges of failing to act in good faith.
Mendelson’s bail hearing has been postponed to Oct. 10.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…