Report: Hedge fund owner in Petters case denied bail
Wednesday, July 22, 2009 : PermalinkBirmingham Business Journal – The owner of a Chicago hedge fund charged with helping Tom Petters fund his $3.5 billion alleged Ponzi scheme was denied bail Tuesday, reversing a bail decision last week, according to media reports.
Gregory Bell was sent back to Anoka County Jail, where he’s been held for the past week, the Pioneer Press reported. U.S. District Court Chief Judge Michael Davis made the decision based on prosecutors’ arguments that Bell is a flight risk because he put $15 million into foreign bank accounts last year.
Tags: birmingham business journal, chief judge, county jail, flight risk, hedge fund, judge michael, pioneer-press, ponzi scheme, prosecutors
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