RCMP launch criminal probe of Portus |
Date: Thursday, July 21, 2005
Author: Investment Executive.com
The RCMP’s commercial crime unit has opened a criminal probe into hedge fund company Portus Alternative Asset Management Inc., which collapsed earlier this year.
RCMP opened the investigation after examining information from Portus’ court-appointed receiver KPMG.
KPMG has alleged Portus appears to have wired $246 million to a Caribbean tax haven.
Portus Alternative Asset Management raised $730 million from 26,000 Canadian investors before regulators began questioning its sales and compliance practices earlier this year.
In February, the Ontario Securities Commission issued a temporary order preventing Portus from paying out money to investors in the firm’s family of hedge funds.
The OSC also imposed a trading ban on Portus and on its president, Boaz Manor.
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