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"OSC hearing to probe Norshield collapse"


Date: Tuesday, September 18, 2007
Author: Paul Waldie, Globe and Mail

The Ontario Securities Commission will hold a hearing next spring into alleged wrongdoing at collapsed hedge fund Norshield Asset Management (Canada) Ltd. Yesterday a two-member OSC panel ordered a hearing to begin on May 8, 2008. It could take up to six weeks. Last year commission staff filed a series of allegations against Norshield's founder and former chief executive officer, John Xanthoudakis, as well as former president Dale Smith and former director Peter Kefalas. Montreal-based Norshield was put into receivership in June, 2005, after it suspended distributions following a flood of client redemptions. The receiver has alleged that managers inflated the value of assets for years and diverted more than $215-million to entities connected to founder John Xanthoudakis. A lawyer for Mr. Xanthoudakis denied the allegations.

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