Judge Appoints Receiver For Frozen $18M Ponzi Settlement

Law360, New York (May 1, 2012, 4:44 PM EDT) -- A Minnesota federal judge on Monday granted the U.S Securities and Exchange Commission's request for a receiver to oversee $18 million frozen in its case against a hedge fund owner who allegedly funneled hundreds of millions into Thomas Petters’ $3.5 billion Ponzi scheme.

The SEC filed its fraud case in March 2011 against Connecticut-based hedge fund owner Marlon Quan, contending then that the $18 million in settlement funds — currently frozen — is likely to be the only source of funds available for a potential recovery...
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