Xanthoudakis Takes Child’s Play Too Far?

March 16, 2011 James Heinsman Hedge Fund News

Former Hedge Fund President Norshield Financial Group, John Xanthoudakis is the fourth person to have been arrested for allegedly masterminding a C$120 million fraud.  The scam involves the ex-TV production company for children, Cinar.  While he may have been successful until now, it seems Xanthoudakis played a little bit too much like a child in a candy store and is now paying the price for eating too many sweets.  On his return from Bermuda today, he was reprimanded in custody and will appear in court later on today.

He is being held for 36 counts of fraud and forgery.  He established a way of “illegally investing Cinar’s capital in Norshield to reap the profits for themselves and for two other alleged conspirators.”  But not all games work, as Xanthoudakis found out to his dismay, following the collapse of Norshield which resulted in shareholders from Cinar  suing the defunct hedge fund.

Cinar, Cookie Jar, hedge fund, John Xanthoudakis, Norshield Financial Grou,

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