Read the latest news relating to investor claims and broker fraud.

SEC Issues New Charges in Petters Ponzi Scheme

Posted on Nov 14, 2011

Last month, the SEC accused Michelle Palm, James Fry, and Mr. Fry’s firm Arrowhead Capital Management, LLC of facilitating a multibillion dollar Ponzi scheme operated by Thomas Petters.

Specifically, Ms. Palm, Mr. Fry, and Arrowhead Capital Management are accused of falsely telling investors that their money would be safeguarded by specific collateral accounts and concealing Mr. Petters’ inability to pay investors by entering secret note extensions with him.

Ms. Palm has pleaded guilty to one count of securities fraud and one count of making false statements to the SEC. Mr. Fry has pleaded not guilty to the securities fraud and other charges currently pending against him.

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