2 Fund Managers, Petters Pal Indicted Over $4B Fraud

Law360, New York (April 20, 2011, 7:37 PM EDT) -- Two hedge fund managers and a business associate of convicted Ponzi schemer Thomas J. Petters were indicted Wednesday in Minnesota on charges that they funneled billions of investors' dollars into Petters' $3.7 billion fraud.

Frank E. Vennes, David W. Harrold and Bruce F. Prevost, all Florida residents, were each charged with four counts of securities fraud for allegedly playing a role in Petters' scam. Vennes was also charged with one count of money laundering.

By facilitating Prevost and Harrold's dealings with Petters' scam, Vennes caused, encouraged...
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