Investor in Petters’ alleged scheme charged – An Illinois hedge fund manager who claimed to be the biggest victim of Minnesota businessman Tom Petters’ alleged Ponzi scheme was actually a participant in it, the Securities and Exchange Commission says.

Greg Bell and his company, Lancelot Investment Management, were charged with fraud Friday. The SEC said it also moved to freeze his assets, which include millions of dollars in Swiss bank accounts.

Ron Peterson, a court-appointed trustee for Lancelot’s investors, told the Star Tribune that Bell was arrested Friday in Highland Park, Ill., and was taken to the Anoka County jail in Minnesota.

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