Hedge Fund Manager Freed!

Date: Friday, July 17, 2009
Author: Associated Press

A federal magistrate judge has ordered the release on bail of an Illinois hedge fund manager.
Gregory Bell allegedly helped Minnesota Businessman Tom Petters orchestrate what prosecutors call a $3.5 billion ponzi scheme.
Prosecutors tried to persuade Magistrate Judge Jeffrey Keyes Wednesday to deny bail.
They said bell has no significant ties to Minnesota, has millions of dollars in offshore accounts, and may have or be able to get citizenship in Russia, which has no extradition treaty with the U.S.
But Bell's attorneys told Keyes that bell has been cooperative with authorities.
Keyes agreed bell's roots are firmly established in the Chicago area and ordered him freed on a $1.5 million bond, but confined on home monitoring.