 [Portus's]
Manor fled to Israel before the commission
seized Portus's assets in March
2005.
Bloomberg.com
April 9, 2005 Portus's Manor,
Mendelson Accused of Fraud by Canada
(Update3) By Thom Weidlich and Joe Schneider Sept. 26 (Bloomberg) -- Two
co-founders of Portus Alternative Asset Management
Inc. were charged by Canadian authorities with
fraud, money laundering and obstructing justice in
an alleged scheme related to the hedge fund firm's
collapse. Boaz Manor, 33, and Michael
Mendelson, 41, of Toronto, were accused of
using money from Canadian investors in ways not
disclosed to them, the Royal Canadian Mounted
Police said today in a statement. Portus managed
C$800 million ($795.5 million) before it shut
down. "Any fraud related to investments and the
investment industry has a broad impact,''
Superintendent Dave Truax, director of the
Ontario Provincial Police's Anti-Rackets Section,
said in the statement."It affects public and
private investors and creates a negative perception
of the investment industry.'' Portus, founded in
2002, attracted money from 26,000 investors
before it closed following inquiries from
Ontario regulators about transactions at the
firm. About C$18 million remains missing, and
C$110 million was improperly used to pay
referral fees and cover withdrawals by
investors, according to a May report by KPMG
LLP, the firm's trustee. The Ontario Securities Commission alleged that
Manor and Mendelson last year failed to act in good
faith with clients. Mendelson also allegedly
engaged in unregistered trading and issued
securities without filing a prospectus, according
to the regulator. Manor fled to Israel
before the commission seized Portus's assets in
March 2005. An arrest warrant has been issued
for Manor, according to today's
statement. Mendelson's bail hearing, scheduled for today,
was postponed to Oct. 10 [2007], RCMP
spokeswoman Michele Paradis said. The two men were also charged with possession of
property obtained by a crime. Manor defrauded foreign investors by not
investing U.S. funds deposited with Portus,
Canadian police said.  To contact the reporters on this
story: Thom Weidlich in New York at
tweidlich@bloomberg.net
; Joe Schneider in Toronto at jschneider5@bloomberg.net
. 
Apr 2005 In
a search for missing millions, an Ontario judge
has asked the former lawyers of Boaz Manor, a
central figure in the defunct Portus group of
investment funds, to relay a request for him to
return from Israel to be questioned about his
business-
Adolf
Hitler's famous 1924 prophesy in Mein Kampf:
Jewish fraudsters would flee to"Israel" and
thumb their noses at the law, safe from
extradition
-
Ex-Israeli
flees Canada home as hedge fund
collapses
-
Portus
hedge fund founder Boaz Manor flees to
Israel
-
An
economic tale: Job losses, a housing bubble and
the safety of ...
-
Judge
orders Portus co-founder to return for KPMG
interview
-
-
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History of the mob in
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|
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