Losses & Lawsuits
Our monthly review of fraud management failure, human error and other operational hazards at financial firms around the world, distilled from the First database of operational risk loss events and case studies
Portus Alternative Asset Management
The Ontario Securities Commission (OSC) ordered one of the largest hedge fund advisers in Canada, Portus Alternative Asset Management, to cease from trading securities or paying out funds to clients on February 13. The Toronto-based hedge fund announced on February 17 that it had laid off the majority of its service and support staff in response to the OSC's demand that it temporarily cease conducting business. The ban on trading and other activities has been
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