Two Minnesota-based hedge fund managers have been charged with facilitating a multi-billion dollar Ponzi scheme.
The US Securities and Exchange Commission (SEC) claims James Fry and Michelle Palm invested more than $600 million in hedge fund assets into a Ponzi scheme run by Thomas Petters, also of Minnesota. The scheme is thought to have been operating with funds in the region of $3.7 billion.
Through Fry's firm, Arrowhead Capital Management, Fry and Palm made more than $42 million in fees fro
The week on Risk.net, July 14–20, 2017Receive this by email