SEC Seeks To Enjoin Fund Over Ties To Ponzi Case

Law360, New York (July 15, 2009, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission is asking a judge to preliminarily enjoin an Illinois-based hedge fund and its operator after accusing them of being tied to a more than $2 billion Ponzi scheme.

In a motion filed Tuesday with the U.S. District Court for the District of Minnesota, the SEC said Gregory Bell and his hedge fund Lancelot Management LLC need to be blocked from further violating securities laws.

“Bell and Lancelot Management continue to harm investors by, among other things, continuing to withhold material...
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