The Ontario Securities Commission is going after commission fees Portus Alternative Asset Management Inc. paid approximately 1,000 financial advisers for referrals from 26,000 investors, The Globe and Mail reports.

The 5% return referral fee served as a nice incentive for advisers. Other rewards, such as 1% trailer fees and performance commissions came from $800 million that investors poured into the company. However, Portus was forced into receivership in March, and now the OSC and the Mutual Fund Dealers Association of Canada are looking into what role financial advisers played.

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