MARCH 13, 2009
The Ontario Securities Commission reported today that it is unable to account for more than $90-million
at hedge-fund operator Sextant Capital Management Inc.
The OSC alleges that the fund company and its "driving force" Otto Spork inflated returns of the Sextant Strategic
Opportunities Hedge Fund through self-dealing and investments in companies purported to have increased significantly in value despite producing no revenue or profit.
Sextant Capital Management’s funds at Royal Bank of Canada and Newedge Canada Inc. were frozen under an order endorsed on Dec. 15 by the Ontario Superior Court of Justice. The court filing is available here.
An OSC hearing is scheduled for March 16.
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