UPDATE: Manor Returns To Canada, Released On Bail

Nov 14 2007 | 7:17am ET

The co-founder of a collapsed hedge fund returned to Canada yesterday, was arrested on fraud charges and later released on bail.Boaz Manor, the co-founder of Portus Alternative Asset Management who has spent the last two years on the lam in Israel, was taken into custody by the Royal Canadian Mounted Police at Toronto’s Pearson International Airport yesterday morning. Manor was released on C$250,000 (US$260,000) bail after a court hearing, and ordered to remain in Ontario at a known address. He was also banned for contacting about two dozen people, including Portus co-founder (and his co-defendant) Michael Mendelsohn, potential witnesses and others involved with the firm, which collapsed in 2005.

Manor is due back in court on Nov. 27. He and Mendelsohn face 12 counts of fraud, money laundering and possession of private property. Manor also faces obstruction of justice charges.

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