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Mar 6, 2013

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New York ( - The trustee for failed hedge fund Petters Group, Douglas Kelley, has sued the Epsilon-Westford funds founded by Steve Stevanovic, according to Bloomberg.

The bankruptcy trustee is seeking to recoup over $3.2 billion to cover the company’s debt, Bloomberg said, ”Seventeen funds affiliated with the financier’s Westford Investment Management LLC and Epsilon Investment Management LLC were named as defendants in the complaint filed by Kelley.”

“We terminated our relationship with Petters a full 18 months before it became known that Petters was involved in fraudulent activity.” an attorney for the Epsilon-Westford funds said in a statement, “We did so because we elected to invest our capital in other enterprises, not because we believed or had cause to believe that the Petters enterprises were engaged in fraudulent activities.”

Petters and his hedge fund, Petters Group Worldwide LLC was convicted in December 2000, of all 20 criminal counts, adding up to a $3.5 billion fraud.

“The defendant’s fraud is staggering and unprecedented in size and impact on victims and the community,” prosecutors said of the case back in March of this year.

The complaint alleges the defendants knew or should have known the investments were fraudulent, according to Reuters. “Stevanovich received millions in false profits through his active and direct involvement in the Petters Ponzi scheme.”

Petters has stated that he plans to fight to be released from custody and maintains his innocence.



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Posted: Wednesday March 6, 2013, 5:33 pm
Tags: private capital management reviews clients ecm epsilon [add/edit tags]

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Emma J. (0)
Wednesday March 6, 2013, 5:43 pm
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Emma J.
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