The Ontario Securities Commission said today it has laid more charges against former executives of the bankrupt hedge fund company Portus.

The OSC said it charged Portus co-founder Boaz Manor on April 20 with “failing to act fairly, honestly and in good faith with clients and failing to meet his duties as a fund manager.”

It also charged former Portus president and director Michael Mendelson with “unregistered trading; issuing non-exempt securities without filing a prospectus or having obtained a receipt from the director; failing to act fairly, honestly and in good faith with clients; and failing to meet his duties as a fund manager.”

None of the charges have been proven.

About 26,000 investors – most in Ontario – placed almost $800 million in the Portus family of hedge funds before its assets were frozen in 2005.

Last fall, the OSC alleged that Portus had improperly diverted $95.4 million, including US$11 million that Manor allegedly used to buy diamonds and other gems.

At that time, the OSC laid three charges against Manor under the Ontario Securities Act.

Manor moved to Israel when the firm was shut down. He has denied any wrongdoing.