The Ontario Securities Commission has filed additional charges against Boaz Manor and Michael Mendelson in their roles as principals in the failed Portus Alternative Asset Management. In the latest salvo, Mendelson is accused with “failing to act fairly, honestly and in good faith with clients; and failing to meet his duties as a fund manager.” Other charges include unregistered trading and issuing non-exempt securities without filing a prospectus. The OSC socked Manor, who is still hanging out in Israel, with allegations that he destroyed documents and improperly sold certain products to investors. Manor’s attorney, Brian Greenspan, told the Globe and Mail that the new charges were “redundant.” Still each of those little whoppers carry a prison term of five years and a C$5 million (US$4.4 million) fine. An Israeli court is expected to decide soon whether to put Manor in jail for not producing US$9 million in diamonds allegedly purchased with Portus investor funds. Manor says he hasn’t got them, but that he can account for all the missing money.
