Tuesday, 25 October 2016
Last updated 1 hour ago
Mar 9 2009 | 1:47am ET
A federal judge has issued a preliminary injunction against an Oklahoma hedge fund manager accused of running a Ponzi scheme.
Mark Trimble, who ran Phidippides Capital Management, consented to the injunction. He is cooperating with the Commodities Futures Trading Commission, which brought the fraud charges against him next month, his lawyer said. Trimble has not admitted to the allegations.
“There is good cause to believe further that pool participants and prospective pool participants may have been cheated and defrauded and that immediate and irreparable damage to the court’s ability to grant effective final relief for pool participants in the form of monetary redress will occur from the dissipation of pool participants’ assets and destruction of records unless the defendants are immediately restrained and enjoined by order of this court and, accordingly, there is good cause to issue this order,” U.S. District Judge Timothy DeGiusti in Oklahoma City wrote.
The CFTC has accused Trimble and Phidippides of running a Ponzi scheme that took in $34 million from about 60 investors.