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Mound Man Found Guilty Of Fraud With Petters Company

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(credit: Jupiter Images)

(credit: Jupiter Images)

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MINNEAPOLIS (WCCO) — A 59-year-old Mound, Minn., man was found guilty by a jury Wednesday in federal court for fraudulently raising money for investment in Petters Company, Inc.

James Nathan Fry, a hedge fund manager, was convicted of five counts of securities fraud, four counts of wire fraud, and three counts of making false statements to the U.S. Securities and Exchange Commission.

Fry faces a potential maximum penalty of 20 years on each count of wire fraud, and five years on each count of securities fraud and making false statements.

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