Malcom Bell given six years prison time

Malcom Bell, the 45-year-old Illinois hedge fund manager who helped facilitate the recent Petters Co. Inc. fraud scheme, has been sentenced this week in federal court to six years in prison.

Bell owned a fund called Lancelot Investment Management, which invested all of its money in PCI promissory notes. When PCl fell behind payments for notes held by Lancelot, Bell came up with a plan to fool Lancelot investors to the contrary.

In his plea bargain, Bell admitted that he had obtained more than $200 million from investory.

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