Petters Fundraiser Pleads Not Guilty

May 4 2011 | 11:42am ET

Frank Vennes, the former Thomas Petters fundraiser indicted alongside two hedge fund managers last month, has pleaded not guilty to charges he lied to investors about Petters' Ponzi scheme.

Vennes entered his plea today in St. Paul, Minn. His co-defendants, Palm Beach Capital Management's David Harrold and Bruce Prevost, pleaded guilty last month, just a day after the trio were indicted.

According to prosecutors, Vennes, who was released on $100,000 bail, raised about $1 billion from Palm Beach. Investors in the hedge fund were saddled with losses of as much as $100 million.

Vennes is set to be back in court on May 31.

Petters himself was convicted last year and sentenced to 50 years in prison for running the $3.65 billion scam.


In Depth

Bob Doll's Ten Market Predictions For 2016

Jan 7 2016 | 9:37pm ET

Well-known market strategist Robert Doll has published his annual list of ten predictions...

Lifestyle

Citadel's Ken Griffin Donates $40M To New York's Museum of Modern Art

Dec 22 2015 | 9:23pm ET

Citadel founder Ken Griffin has donated $40 million to New York’s Museum of Modern...

Guest Contributor

Hedge Fund Marketing - Making the Most of Your Salesperson

Jan 20 2016 | 8:11pm ET

In this contributed article, Bruce Frumerman of Frumerman & Nemeth takes a close...