Friday, 31 October 2014
Last updated 9 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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