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New rules to make risky funds more transparent

Toronto Star- In one of Canada’s biggest investment scandals, regulators pulled the plug on Portus Alternative Asset Management Inc. in early 2005.

The now-bankrupt Toronto company was selling risky hedge funds to ordinary investors, using a complex structure that avoided mandatory disclosure in a prospectus.

Luckily, the 26,000 people who invested more than $700 million in Portus products didn’t lose everything.

Clients of Manulife Financial Corp. were reimbursed in full – with a payout of $246 million by the insurer. Other Portus investors recouped most of their money through receivers last year.

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