Thursday, 18 September 2014
Last updated 51 min 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.