Chicago hedge fund owner pleads guilty to 1 count of wire fraud in Tom Petters fraud case

AP – A Chicago hedge fund owner accused of helping prop up the alleged Tom Petters Ponzi scheme has pleaded guilty to one count of wire fraud.

Appearing in federal court in St. Paul on Wednesday, Gregory Bell admitted helping set up 86 “round-trip” money transfers between his company, Lancelot Investment Management, and Petters Co. Inc. Prosecutors say the transfers helped conceal Petters Co.’s inability to repay its debts to the hedge fund.

Under his plea deal, Bell, 44, of Highland Park, Ill., agreed to help the government find his accounts and disburse the money to victims of his fraud.

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