NYC Fund Manager Charged With $45M Ponzi Plot

Law360, New York (September 8, 2009, 6:01 PM EDT) -- New York money manager Philip Barry was arrested Tuesday at his home in Brooklyn, N.Y., for allegedly running a Ponzi scheme that lost more than $45 million of his clients' money.

In a civil suit filed Tuesday in the U.S. District Court for the Eastern District of New York, the U.S. Securities and Exchange Commission accused Barry, 52, of violating a slew of securities laws.

Federal prosecutors, meanwhile, hit Barry with one criminal count Tuesday in the same court.

The civil suit accuses the fund manager...
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