Sunday, 3 May 2015
Last updated 1 day 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…