Hedge fund managers charged in connection with multi-billion dollar Ponzi scheme

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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

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