Portus settles with OSC

Ontario Securities Commission has approved settlement with Boaz Manor and other key figures in the multimillion-dollar Portus financial scandal.

The Commission ordered Manor banned for life from most capital markets activity and to pay an $8.8-million fine. He was the co-founder of Portus Alternative Asset Management.

Read: Manor ordered to return to Toronto

Michael Labanowich and John Ogg, two Portus execs, were each ordered to pay a $25,000 fine. Neither can become nor act as directors or officers of any reporting issuer for six years. They’re also banned from becoming compliance officers of any registrant.

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

Portus notes

Mendelson pleads guilty; may testify against Manor