Portus co-founder Mendelson ordered to pay $320,000

The Globe and Mail reports that the co-founder of failed hedge fund Portus Alternative Asset Management Inc. has been ordered to pay $320,000 to conclude a long-running Ontario Securities Commission case.

The OSC issued a ruling Friday ordering Michael Mendelson to repay $320,000 he agreed he improperly took in the three months before Portus was shut down by regulators, saying it was not appropriate for him to keep any money gained by a breach of securities laws. Mr. Mendelson argued at an October hearing he could not afford to make a payment to settle the case….

Find out more at http://www.theglobeandmail.com/report-on-business/osc-orders-portus-co-founder-mendelson-to-pay-320000/article5848271/?cmpid=rss1