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Fund manager charged for alleged $50 million Ponzi scheme

WASHINGTON
Thu Jan 8, 2009 11:07am EST

WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission said on Thursday it has charged a Philadelphia investment fund manager and firm for an alleged $50 million Ponzi scheme.

Highlights:

* Accuse Joseph Forte obtained an estimated $50 million through sales of securities in the form of limited partnership interests in his firm.

* Say federal judge issued order freezing Forte's assets and ordering an accounting.

(Reporting by Julie Vorman; Washington desk for company news)


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