Friday, 27 November 2015
Last updated 1 day ago
Jul 12 2010 | 8:48am ET
Two hedge fund executives now know when they will learn their fates for their roles in the Thomas Petters Ponzi scheme.
U.S. District Judge Richard Kyle, who in April sentenced the Minnesota businessman and hedge fund manager to 50 years in prison, set the sentencing dates for six of the seven people who have pleaded guilty in the $3.6 billion fraud. Among them are Lancelot Investment Management founder Gregory Bell and Harold Katz, the firm’s vice president of finance and accounting.
Bell will be sentenced first, on Aug. 20. Katz will face the music on Sept. 28, as the last of the six to be sentenced. Bell could be sentenced to 20 years in prison, while Katz faces up to five years for conspiracy.
According to prosecutors and the Securities and Exchange Commission, Lancelot steered nearly all of the $2 billion it raised to Petters. Bell and Petters are accused of cooking up a series of bogus payments to cover up Petters’ delinquency on more than $130 million in allegedly phony notes sold by Petters to Lancelot, with Katz accused of crafting the bogus documents designed to fool investors and of helping Bell wire money to Petters in a series of so-called “round-trip” transactions.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…