Ex-Acorn Exec Can't Nix Suit Over Petters Ponzi Scheme

Law360, New York (May 27, 2011, 6:33 PM EDT) -- A Connecticut federal judge on Thursday refused to dismiss a putative class action claiming that the former president of Acorn Capital Group LLC was partially responsible for the company's alleged funding of Thomas J. Petters' multibillion-dollar Ponzi scheme.

Paul Seidenwar is named along with Acorn and several other former executives in the suit filed June 2010 by investor Poptech LLC. Florida-based Poptech claims that Acorn, through its hedge funds Stewardship Credit Arbitrage Fund LLC and Stewardship Investment Advisors LLC, recklessly poured millions into Petters' scheme....
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