According to the Financial Post, the Ontario Securities Commission says it is unable to account for more than $90-million in the accounts of hedge-fund operator Sextant Capital Management Inc.

In a decision released Tuesday to settle an argument over the OSC’s right to freeze Sextant’s assets, the regulator said “more than $90-million is unaccounted for and a combined total of only about $7.6-million is in the custodial accounts of the Sextant Fund and the Sextant Offshore Funds.” …  Driving force of Sextant, Otto Spork, denies the allegations.

Ironically in a Globe & Mail article some months ago titled, “Six things you should know before investing in hedge funds,”  Sextant Strategic Opportunities received mention for it’s exceptional 122.9% return.

Uhhh, perhaps the author of the article should have added a 7th thing to consider: That they might be lying to you!