Fund Manager Pleads Guilty To $2B Ponzi Scheme

Law360, New York (October 9, 2009, 3:57 PM EDT) -- A Chicago-area hedge fund manager has filed a guilty plea to one count of wire fraud related to his role in an alleged $2 billion Ponzi scheme.

Judge Paul Magnuson of the U.S. District Court for the District of Minnesota accepted a guilty plea from Gregory Bell, 44, on Wednesday, according to the U.S. Attorney's Office. Federal prosecutors had filed criminal charges against Bell on July 10.

In the plea agreement, Bell admitted to participating in a scheme to defraud investors by funneling their funds to...
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