Thursday, 5 March 2015
Last updated 44 min ago
Sep 25 2012 | 1:53am ET
For the second time, a hedge fund manager charged with aiding the Thomas Petters Ponzi scheme has pleaded not guilty.
Arrowhead Capital Management founder James Fry entered his plea to new charged brought in July. Fry and Frank Vennes, Petters' chief fundraiser who also pleaded not guilty to the new charges earlier this month, face 31 counts of wire fraud, bank fraud, securities fraud, money laundering and making false statements.
Fry was first charged last July. According to prosecutors, he lied to investors about Petters' default on notes owned by Arrowhead and failed to tell clients about Vennes' criminal past. Arrowhead's chief financial officer pleaded guilty to playing a role in Petters' $3.65 billion fraud in April of last year.
Fry and Vennes are set to go on trial in February.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…