Wednesday, March 10, 2010

OSC Finds Key Norshield Asset Management Personnel Misled Investors

After almost five years of investigation, the OSC has concluded that CEO John Xanthoudakis, President Dale Smith, and Chief Advisor Peter Kefalis misled investors while they lost $159 million dollars for 1900 retail investors in Canada.

This is really of no surprise to anyone. The real question is, will there be any criminal charges against these three crooks?

Other media that covered the story:

OSC finds wrongdoing in Norshield Hedge Fund Affair - Morningstar
Norshield trio breached security laws: OSC - Montreal Gazette
OSC rules Norshield hedge fund misled investors - Globe and Mail
Many questions remain unanswered in Norshield saga - Montreal Gazette
OSC finds wrongdoing in Norshield hedge-fund affair - Toronto Star
Affaire Norshield: une vaste tromperie, conclut la CVMO - la Presse - Montreal