Two Florida hedge fund managers, David William Harrold and Bruce Francis Prevost, pleaded guilty at the end of last week to four counts of securities fraud. The FBI has accused the two of misrepresenting their hedge funds to investors in the case involving Petters Company, Inc
The alleged $50bn ( 30.7) fraud, in which veteran financier Bernard Madoff's seemingly successful hedge fund was apparently a 'Ponzi' pyramid selling scheme, has been described as the biggest financial scandal of recent years
Accountant Admits To Hedge Fund Fraud Cover-Up
May 5 2011 | 11:17am ET
One of the two alleged co-conspirators of hedge fund fraudster Francisco Illarramendi has pleaded guilty in the case.
Juan Carlos Guillen Zerpa, a Venezuelan accountant, admitted to falsifying documents to help Illarramendi cover up the Ponzi scheme he ran at his $540 million MK Capital Management. According to prosecutors, Zerpa and Juan Carlos Horna Napolitano, who has not pleaded guilty, produced a bogus letter from an accountant in Venezuela verifying $275 million in imaginary assets.
Illarramendi allegedly paid the two men more than $3 million for the letter. Illarramendi pleaded guilty in March.
Guillen faces up to 20 years in prison prosecutors agreed not to pursue further charges as part of a plea agreement. He was released until his sentencing and will live under house arrest in Miami until then
Clinton Husband Plans Hedge Fund
May 10 2011 | 2:03pm ET
Former President Bill Clinton's son-in-law is poised to launch his own hedge fund.
Marc Mezvinsky, who married Chelsea Clinton last year, has 'decided to spearhead his own private fund with two other guys' from Goldman Sachs, a source tells the New York Daily News. Mezvinsky worked at Goldman for six years before leaving in 2008 to join hedge fund 3G Capital Management.
Mezvinsky left 3G last year to spend three month skiing in Wyoming, although his vacation only lasted about a month before he returned to New York with his wife in February. He has spent the intervening months 'consulting on private projects,' the source tells the tabloid.
Mezvinsky's new firm is expected to debut within a few months .
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11 May 2011 19:08:42 GMT 
11 May 2011 19:10:05 GMT 
11 May 2011 20:17:27 GMT 