A statement released late last week by the FBI’s Minneapolis division made public a set serious securities fraud charges filed against a 57-year-old Orono man.
James Nathan Fry faces, according to the release, "five counts of securities fraud, four counts of wire fraud and three counts of making a false statement to the United States Securities and Exchange Commission during its investigation of investments in PCI by hedge funds under the management of Fry’s company, Arrowhead Capital Management."
The entire 1,200-word document can be read here.
Fry is alleged to be connected to the multi-billion Ponzi Scheme of Tom Petters through a man named Frank Elroy Vennes, Jr—also charged as part of the new indictment. Fry's custody status was unknown at the time of this posting.
Fry could face a lengthy prison stay if convicted and given the maximum sentence for the charges filed last week.
A former top executive of Fry's company pleaded guilty earlier this year to securities fraud and is cooperating with the government in its investigation of Arrowhead Capital Management.
Click here to read that story.
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