Another Sentencing In Petters Ponzi Scheme
September 30, 2010 10:51 AM
Six years in prison. That’s the sentence imposed on an Illinois hedge fund manager who admitted to cashing in on the Tom Petters Ponzi scheme.45-year-old Greg Bell pleaded guilty to one count of wire fraud. He admitted obtaining more than 200 million dollars from investors in Petters Company Inc and misleading them about the rate of return.
Petters is serving a 50-year prison term for operating a 3 1/2 billion dollar Ponzi scheme for more than ten years.