Fund Bosses Settle SEC Suit Over $3.7B Petters Fraud

Law360, New York (April 22, 2011, 3:58 PM EDT) -- Two Florida-based hedge fund managers accused of funneling more than $1 billion of clients' money to the $3.7 billion Ponzi scheme run by Thomas J. Petters settled with the U.S. Securities and Exchange Commission on Friday in Minnesota.

Without admitting to any of the allegations, Bruce Francis Prevost and David William Harrold consented to a permanent injunction barring them from future violations and an as-yet-undetermined civil fine. The defendants, who pled guilty to related criminal charges Thursday, also agreed to turn over all their ill-gotten gains....
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Case Information

Case Title

United States Securities and Exchange Commission v. Prevost et al


Case Number

0:10-cv-04235

Court

Minnesota

Nature of Suit

Securities/Commodities

Judge

Paul A. Magnuson

Date Filed

October 14, 2010

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