Portus Investors Get Another $12M

Jan 3 2008 | 8:24am ET

It’s not much, but investors in a failed Canadian hedge fund are set to get a bit more of their money back. An Ontario court gave the receiver of Portus Alternative Investment Management the go-ahead to distribute C$12.5 million (US$12.6 million) to some Portus investors.

The new disbursement will bring to C$132.5 million (US$133.7 million) the amount investors have recovered from the fund, which collapsed in 2005. In total, they are estimated to have lost as much as C$800 million (US$807.5 million).

Portus co-founders Boaz Manor and Michael Mendelson were charged with fraud for their roles in the alleged scam. Mendelson pleaded guilty in November and was sentenced to two years in prison in exchange for testifying against his former partner. Manor, who spent two years on the run in Israel before his return to Canada two months ago, is set to appear in court on Jan. 21.


In Depth

Fund Manager's Disease: Common Symptoms and Proposed Remedies

May 3 2016 | 6:11pm ET

The cadre of 25 research analysts at Murano Systems speaks with more than 150 investors...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...