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CHICAGO - Lancelot Investment Management and its owner have been accused by the U.S. Securities and Exchange Commission of aiding a multibillion dollar Ponzi scheme.
According to the SEC, Lancelot Investment and owner Gregory Bell invested more than $2 billion with Minnesota businessman Tom Petters, who was indicted last fall on fraud, conspiracy and money-laundering charges. The SEC claims Northbrook, Ill.-based Lancelot grabbed millions of dollars at the expense of its investors.
Bell has claimed Lancelot was a victim of Petters' alleged fraud. Lancelot's telephones have been disconnected and Bell couldn't be reached for comment.
The SEC alleges that as Petters' scheme was collapsing, he and Bell conducted sham transactions to conceal Petters' delinquency on $130 million in notes.
Petters has been jailed since October on charges relating to the alleged $3.5 billion Ponzi scheme.
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