Northstar International Settles SEC Ponzi Claims

Law360, New York (July 18, 2011, 1:23 PM EDT) -- Northstar International Group Inc. and its president on Thursday settled the U.S. Securities and Exchange Commission’s lawsuit in New York over a multimillion-dollar Ponzi scheme allegedly operated by the investment manager.

The SEC announced Friday that it filed and simultaneously settled claims that James M. Peister defrauded investors in a commodity pool called the North American Globex Fund LP and sustained the fraud by paying older investors with new investors’ funds.

From 2003 through 2009, Peister and Northstar overstated the assets of the Globex Fund, fabricated...
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