Wednesday, 1 April 2015
Last updated 4 hours ago
Jun 6 2013 | 11:01am ET
Ponzi schemer Thomas Petters' top fundraiser was grilled by lawyers for the hedge fund manager yesterday over aiding and abetting Petters' fraud.
James Fry's attorneys took aim at Frank Vennes' credibility during their questioning. Vennes is the first of two former Petters executives expected to take the stand as Fry's team builds his defense; whistleblower Deanna Coleman is expected to testify today.
Prosecutors allege that Fry lied to investors in his Arrowhead Capital Management, both about Petters' default on notes owned by the hedge fund and about Vennes' criminal record. Fry, who is not accused of knowing about Petters' fraud, claims he did not knowingly lie to investors.
Yesterday, Joe Friedberg, attempted to show that Vennes had sought to mislead Fry with a letter from another Petters executive, Bob White, explaining that problems in Asia were contributing to late deliveries of close-out merchandise—merchandise which did not exist.
Friedberg suggested that when Vennes asked White to "shore up the letter," he did so to mislead Fry and other Petters business partners. Vennes said he simply wanted an accurate explanation.
Vennes, White and Coleman have all pleaded guilty in the case.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…