In a surprise twist in the trial of Michael Mendelson, one of the two managers of the collapsed hedge fund Portus Alternative Asset Management, he reached a plea agreement by pleading guilty and testifying against his former partner, Boaz Manor, the Edmonton Journal reports. Still, Mendelson was sentenced to two years in prison.

Mendelson apologized for defrauding 26,000 investors of $761 million, saying to Ontario Court of Justice Judge Robert Bigelow, “I want to say, your honor, to anyone negatively impacted by the creation of Portus that I deeply apologize.”

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