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Fund manager charged for alleged $50 million Ponzi scheme


    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)