Gregory Belinkov came to this country when he was a teenager, his family fleeing repression in the Soviet Union. His life since seemed to be a classic immigrant success story, topped with the creation of his own successful Northbrook-based hedge fund.
Today, Gregory Bell -- his name Americanized long ago -- sits in a Minnesota jail, barred from posting bail because federal prosecutors fear he may flee the country. Through his hedge fund firm, Lancelot Investment Management, he is accused of aiding a giant alleged Ponzi scheme centered in the Twin Cities.
Lancelot invested virtually all of the money it raised, over $2 billion, with Tom Petters, a prominent Minnesota businessman. For years, Lancelot's stake with Petters paid Bell's investors handsome and steady returns while generating tens of millions of dollars in fees for Bell.
It all vaporized last fall when Lancelot collapsed after Petters was charged with fraud, conspiracy and money laundering. Last month, federal securities regulators fingered Bell, too, claiming he participated in Petters' alleged scheme, and charged him with fraud. Bell, a 44-year-old Highland Park resident, has not entered a plea but in the past has told his investors he is a victim of Petters.
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