Star Tribune – Two Minnetonka-based hedge fund managers were charged Wednesday by the Securities and Exchange Commission for their involvement in the Tom Petters Ponzi scheme that collapsed into a $3.65 billion mess more than three years ago.
James Fry of Long Lake, Michelle Palm of Edina and Fry’s Arrowhead Capital Management are accused of violating various sections of federal securities laws and the Investment Advisors Act. The SEC wants the two fund managers and Arrowhead permanently banned from the securities business and ordered to repay undefined “ill-gotten gains.”
