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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.
Joseph Forte is accused of obtaining an estimated $50 million through sales of securities in the form of limited partnership interests in his firm. A federal judge issued order freezing Forte's assets and ordering an accounting.
Copyright 2009 Reuters. Click for restrictions.
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