Checks ‘Almost In The Mail’ For Defrauded Portus Investors

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.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of