Monday, 27 March 2017
Last updated 2 days ago
Feb 6 2014 | 12:19pm ET
Canadian regulators have brought charges against Quadrexx Asset Management and its "directing minds," Miklos Nagy and Tony Sanfelice.
According to the Ontario Securities Commission, Nagy, Sanfelice and their bankruptcy hedge fund defrauded investors, failing to deal with them fairly or to disclose how they were valuing an investment.
Quadrexx also allegedly made Ponzi scheme-type payments to investors and collected unjustified fees, without which, the OSC claims, its working capital "would have been below zero by Oct. 31, 2012."
Quadrexx ceased trading in the summer of 2012 after a compliance review and filed for bankruptcy last year.
OSC said it would hold a hearing to consider its allegations on Feb. 20.