Futures Magazine – The Securities and Exchange Commission today announced it has obtained an emergency court order to halt an attempt by a Connecticut-based fund manager to divert to himself and others settlement funds intended for U.S. victims of a Ponzi scheme operated by Minnesota businessman Thomas Petters.
The SEC has charged Marlon M. Quan with facilitating the Petters fraud and funneling several hundred million dollars of investor money into the scheme. The SEC alleges that Quan and his firms (Stewardship Investment Advisors LLC and Acorn Capital Group LLC) invested hedge fund assets with Petters while pocketing more than $90 million in fees.
