(Bloomberg) A Connecticut hedge fund manager must surrender almost $81 million in profit from aiding Thomas Petters’s $3.5 billion Ponzi scheme, an appeals court ruled.Marlon Quan concealed evidence of the Petters fraud, partly by engaging in $187 million in “round-trip” transactions, the U.S. Securities and Exchange Commission said in its lawsuit against him. Quan’s Greenwich, Connecticut-based Acorn Capital Group LLC, ACG II LLC and Stewardship Investment Advisors LLC were co-defendants.
Petters is serving a 50-year prison term. He was convicted in 2009 of bilking hundreds of investors who thought they were financing short-term transactions involving consumer electronics that Petters said were destined for big-box retailers.
