Tuesday, 31 May 2016
Last updated 20 min ago
Dec 8 2009 | 11:02am ET
Christmas is coming early for a group of Canadian investors who were taken in my alleged Ponzi-schemer Boaz Manor.
The court-appointed receiver for Manor’s fraudulent hedge fund Portus Alternative Asset Management, released a statement yesterday saying that it has recovered 95% of the assets of investors who filed claims against the Portus Estate.
The trustee, KPMG, will issue checks to the defrauded investors or their financial institutions on Dec. 21, but the firm warns that it could take up to three weeks for all of them to be received.
“This is the final allocation as all assets in the Portus Estate have now been realized and the Trustee will be proceeding for its discharge in 2010,” reads the statement.
Manor and his partner, Michael Mendelson, were charged with fraud and other offences as a result of their alleged scheme. Mendelson pleaded guilty of one count of fraud and was sentenced to two years in a Federal penitentiary. He has been released on parole.
Manor is defending the charges. His trial is expected to commence in late 2010.