Portus Co-Founder Pleads Guilty

Nov 19 2007 | 1:05pm ET

Michael Mendelsohn, the co-founder of collapsed hedge fund Portus Alternative Asset Management, shocked a Toronto court today by pleading guilty to fraud charges.

Mendelsohn, who had previously avowed his innocence, entered the surprise plea at what was supposed to be a preliminary hearing this afternoon. He and co-founder Boaz Manor, who returned to Canada last week after more than two years on the run in Israel, were charged in September with defrauding investors and obstruction of justice.

Last week, Manor pleaded not guilty to the charges.

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