Hedge Fund Reader : Regulators charge Portus co-founders for misleading

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April 25, 2006

Regulators charge Portus co-founders for misleading

Boaz Manor and Michael Mendelson, co-founders of Portus Alternative Asset Management Inc. were charged by the Canadian regulators over the Fund's collapse last year. They were charged for failing to act fairly, honestly and in good faith with clients.

Among the charges was also the charge of unregistered trading and issuing securities without filing a prospectus. Portus was founded in 2002, and attracted about $707 million from around 26,000 investors before it was placed into bankruptcy.

Since then KPMG Inc., the trustee of the fund, has been tracking down the assets and recovering investor's money.

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April 25, 2006 in Regulation | Permalink