Securities regulators have approved a settlement with Boaz Manor, a key figure in the multimillion-dollar Portus financial scandal.
The Ontario Securities Commission has ordered Manor banned for life from most capital markets activity and to pay $8.8 million in "disgorgement."
The Toronto-based investment group collapsed in 2005 after securities regulators in several provinces investigated and closed Portus Alternative Asset Management, a major company within the group. At the time, Portus Alternative Asset Management had $800 million under management and 26,000 clients across Canada mostly in Ontario. Much of the money was later recovered or in investments that could be recovered, but some of the funds collected from investors appeared to have been diverted.
