According to the Toronto Star, Boaz Manor, convicted of defrauding thousands of investors in a Toronto-based hedge fund once worth $800 million, has been sentenced to four years in jail.
The sentence was handed down Wednesday morning by Justice Ian Nordheimer of the Ontario Superior Court of Justice. It nearly puts an end to a six-year-old saga involving what was once Canada’s biggest hedge fund, the country’s largest life insurance company, a tangled web of offshore bank accounts, an extended stay in Israel, and nearly $9 million in diamonds that have never been recovered.
Manor co-founded Portus Alternative Asset Management Inc. in 2003. Regulators stepped in to prevent the company from opening new accounts in February 2005 because of concerns about investment suitability and record keeping. By then, the company had about 26,000 investors.The fund was forced into receivership and Manor left for Israel soon after. He returned about two-and-a-half years later after criminal charges were laid and surrendered to authorities.
There was no trial. Manor, 37, pleaded guilty in November to one count of money laundering funds obtained through breach of trust and one court of disobeying a court order. The four-year sentence was reached through an agreement between Manor’s defence lawyer, Brian Greenspan, and Crown prosecutor John Pearson, and approved by the judge….
Read more at:
http://www.thestar.com/business/markets/article/997166--failed-hedge-fund-fraudster-gets-four-years-in-jail
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