SEC Sues Fund Chief To Halt $14M Ponzi Deal

Law360, New York (March 24, 2011, 10:40 PM EDT) -- The U.S. Securities and Exchange Commission sued the owner of Acorn Capital Group LLC and Stewardship Investment Advisors LLC in Minnesota Thursday to stop a $14 million settlement of claims against a Ponzi schemer he allegedly assisted.

In a suit filed in the U.S. District Court for the District of Minnesota, the SEC accused Connecticut hedge fund manager Marlon Quan of funneling millions of dollars to Ponzi schemer Thomas Petters through Acorn and SIA between 2001 and 2008.

The suit seeks to block Acorn's successor Asset...
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