Hedge Fund Hit For Pumping $2B Into Ponzi Scheme

Law360, New York (July 10, 2009, 12:00 AM EDT) -- A federal judge has frozen the assets of an Illinois-based hedge fund and its operator accused by the U.S. Securities and Exchange Commission of investing $2 billion in a Ponzi scheme.

On Thursday, Judge Ann D. Montgomery of the U.S. District Court for the District of Minnesota issued an order freezing all assets of Gregory Bell, his hedge fund Lancelot Management LLC and relief defendants including Bell's wife, Inna Goldman. The assets of co-defendant Thomas Petters were previously frozen in a criminal case, the SEC said....
To view the full article, register now.