Commodity Fund Manager Arrested In London

Feb 17 2009 | 2:24am ET

London police have arrested a director of hedge fund GFX Capital Markets accused of perpetrating a £40 million Ponzi scheme.

British news reports indicate that the arrested man is Terry Freeman, a foreign exchange trader. London-based GFX has ceased operations; the firm is believed to have run into trouble in the fall, collapsing recently.

Freeman was arrested last Monday at his home in suburban Essex, according to police. He was released on bail.

The City of London Police’s economic crime unit has posted a questionnaire on its Web site for GFX clients. The Financial Services Authority said it is aware of the police probe and is cooperating with it.

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