Portus Founder To Return To Canada Today

Nov 13 2007 | 7:43am ET

Boaz Manor, the co-founder of collapsed Canadian hedge fund Portus Alternative Asset Management, is set to return to Toronto today to face fraud charges, more than two years after fleeing to Israel as regulators closed in.

Manor will be accompanied from Tel Aviv by a lawyer from KPMG—the court-appointed receiver for Portus—who will turn the wayward hedge fund manager and his passport over to the Royal Canadian Mounted Police. Later today, Manor faces a bail hearing.

Portus collapsed in 2005 after Ontario regulators froze its assets. In September, Manor and his co-founder, Michael Mendelsohn, were charged with fraud, money laundering, obstruction of justice and possession of property obtained by a crime. Last month, an Israeli court lifted a travel ban it had imposed—at KPMG’s request—two years ago.

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