The OSC has reached a tentative settlement agreement with Boaz Manor, co-founder of Portus Alternative Asset Management.
Read: Manor ordered to return to Toronto
It will decide the fate of that agreement on August 27, 2012 at 2:30 p.m.
Portus, a hedge fund, had gathered in excess of $800 million from about 26,000 investors before the OSC shut down the company in 2005 amid fraud allegations.
In May 2011, Manor was sentenced to four years in jail for breach of trust and disobeying a court order.
Read:
Portus case crawls toward resolution
High-profile lawyer defending Manor
Some Portus investors saved at last minute
OSC lays more charges against Portus
What’s a regulator good for? In Canada, not much
Mendelson pleads guilty; may testify against Manor
Originally published on Advisor.ca
DUNSTAN.BRIGGS.7
Dear JATTIS & KATHRYN.CATLIN.6:
“WITHOUT PREJUDICE”
Not only do I agree with you; but I suggest that ALL ADVISORS and REPRESENTATIVES,so affected, should launch a “CLASS ACTION” SUIT vs the OSC; MFDA; PROVINCIAL SECURITIES COMMISSIONS; NATIONAL COMPLIANCE OFFICERS: for ERRORS and OMISSIONS; “LIBEL”; INTIMIDATION & EXTORTION; BREACHES OF CONTRACTS; BREACH OF DUTY OF CARE; LOSS OF INCOME; MALPRACTICE; et AL ! ! !
PLEASE ACKNOWLEDGE AND RESPOND.
dkb@mts.net
Dunstan L. Briggs
LICENSED INVESTMENT PROFESSIONAL (27 YEARS)
PROVINCE OF MANITOBA
Monday, September 3 @ 9:15 pm //////
JATTIS
I couldn’t agree more… in my entire life I have never had to work so hard – for nothing…
All we advisors did was present a product that was duly approved by our regulators, a product that was manufactured by a firm that was duly approved and licensed by these same regulators, a firm that was headed-up by individuals that were duly approved and licensed by these same regulators – and yet it was us advisors who were blamed for the product deficiencies and were accused of being greedy – all because we relied on our regulators to have properly conducted their due diligence before approving the product for sale and licensing the promoters. Who are we to rely on if not the regulator that puts the stamp of approval on an investment product? Is it our obligation to perform due diligence on promoters that have been duly approved by our regulators? Remember, it was us in the front lines assuaging our clients and keeping them informed on developments throughout the ordeal. And it was us who were required to return all commissions earned in respect to sales of the OSC-approved product. And it was us that the OSC kept under pressure throughout the entire, sordid affair. Welcome to an upside-down, confused and self-protective regulatory regime.
Saturday, August 25 @ 10:26 am //////
KATHRYN.CATLIN.6
Manor should be required to re-pay all representatives that sold the product that had their commission/compensation stripped from them.
Friday, August 24 @ 6:00 pm //////