Monday, 20 October 2014
Last updated 4 hours ago
Oct 2 2007 | 10:34am ET
Boaz Manor is not quite ready to give up the safety and security of Israel just yet. The founder of collapsed Canadian hedge fund Portus Alternative Asset Management, who fled to the Holy Land just before regulators seized Portus’ assets in 2005, has decided to extend his stay, canceling a planned returned to Canada today.
He and his co-founder, Michael Mendelson, were slapped with an array of criminal charges last week by the Royal Canadian Mounted Police.
The Mounties and lawyers for KPMG, Portus’ court-appointed receiver, have been negotiating to get Manor back into its clutches. But so far the discussions have come to nothing, despite this week’s close call.
“On Sunday, Mr. Manor made the decision himself to cancel the planned flight that would have had him in Canada,” a spokesman for KPMG told the Globe and Mail.
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.
Earlier this year, meeting with KPMG in Israel, Manor blamed his lawyer for the Portus fiasco. According to Manor, Malcolm set up companies in the Caribbean and directed Manor to register Portus’ fund in his own name. According to KPMG, Manor’s story was “not credible.”
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...