Portus’ Mendelson to face sanctions hearing

By Staff | September 5, 2012 | Last updated on September 5, 2012
1 min read

On August 27, the OSC reached a settlement agreement with Boaz Manor and several other key figures in the multimillion-dollar Portus financial scandal.

After being jailed in 2011, Manor is now banned from most capital markets activity and had to pay $8.8-million. Michael Labanowich and John Ogg, two other Portus execs, were each ordered to pay $25,000 and are also banned from becoming compliance officers of any registrant.

Read: Portus execs settle with OSC

Now, the OSC is preparing to sanction his partner in crime, Michael Mendelson. It will also focus on Portus itself in coming months.

Read: Portus co-founder pleads guilty (2007)

Ontario regulators are skipping a planned hearing, and will proceed straight to a sanctions hearing with Mendelson on Oct. 2. He’s appeared before the commission via teleconference and has agreed on the facts against him in the case.

The Portus saga began in 2005, but the case was adjourned while its founders faced criminal charges for their part in the scandal.

Also read: Portus pre-hearing prolonged and The Portus files

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.