2009-07-10 — chicagobusiness.com
Gregory Bell, 44, and the Northbrook investment company he founded, Lancelot Management LLC, allegedly pocketed millions in fraudulently collected fees in the scheme, whose perpetrator ultimately bilked investors of more than $3 billion, according to an SEC complaint filed under seal and publicly released Friday. The SEC is seeking the return of the fees.
...
Mr. Bell and Lancelot raised $2.6 billion from 2002 to 2008 from individuals, retirement plans, trusts and other sources, placing the proceeds with Thomas J. Petters, a prominent Minnesota businessman who said the funds would be used to buy electronics that would then be resold through big-box retailers like Wal-Mart Stores Inc., the complaint alleges. In reality, according to the SEC, no electronics were ever bought.
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