Portus Founder Getting Closer to Doing Time

Boaz Manor, the co-founder of Toronto based Portus Alternative Asset Management, has been ordered by an Israeli judge to hand over the stash of diamonds (or the $9 million cash equivalent) he allegedly purchased with investors’ money or face jail time. Manor bolted for Israel as soon as Portus went into receivership last March. KPMG, the receiver, is busy trying to track down the $800 million in assets that the firm once had under its control. What does Manor have to say for himself? Not much. He claims he has suffered an emotional crisis and cannot even meet with KPMG. Likely story.
Manor Given 7 Days to Return Gems [Globe and Mail]
Diamonds Are a Hedge Fund’s Worst Enemy [Under the Counter]

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