In a case that's becoming all-too-familiar in the hedge fund industry, the Ontario Securities Commission is charging the former president of Portus Alternative Management with fraud and destroying documents, but it appears he has fled the country.

The charges were field late last week in the Ontario Superior Court of Justice against Boaz Manor, as well as three of his associates. Portus has been shut down since earlier this year, when OCS officials discovered that Manor had ordered the destruction of documents, lied to regulators, and had been trading in mutual funds without a license and distributing mutual funds without a prospectus.

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