2 Fund Managers, Petters Pal Indicted Over $4B Fraud

Law360, New York (April 20, 2011, 7:37 PM EDT) -- Two hedge fund managers and a business associate of convicted Ponzi schemer Thomas J. Petters were indicted Wednesday in Minnesota on charges that they funneled billions of investors' dollars into Petters' $3.7 billion fraud.

Frank E. Vennes, David W. Harrold and Bruce F. Prevost, all Florida residents, were each charged with four counts of securities fraud for allegedly playing a role in Petters' scam. Vennes was also charged with one count of money laundering.

By facilitating Prevost and Harrold's dealings with Petters' scam, Vennes caused, encouraged...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.