A key figure in the multimillion-dollar Portus financial scandal, a complicated investment scheme that collapsed in 2005, has reached a tentative settlement with officials at the Ontario Securities Commission.
An agreement between Portus co-founder Boaz Manor and the OSC's enforcement branch, announced Friday, will be put before a panel of commissioners at a hearing scheduled for Monday afternoon.
Details of the settlement will be kept confidential unless approved by the administrative tribunal, as is the usual practice at the Ontario Securities Commission.
"More information will be available on our website if and when the settlement is approved," the OSC's manager of public affairs said in an email Friday.
The Toronto-based investment group collapsed in early 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.
Manor returned to his native Israel soon after the crackdown and remained out of Canada for years as authorities attempted to unravel the group's complex business dealings.
