David Phelps

Reporter | Professional services
Phone: 612-673-7269
David Phelps covers the business of law, advertising and financial services. He previously led coverage of the Tom Petters fraud investigation and continues to cover its afternmath. Phelps is a former member of the Star Tribune Washington Bureau who has also covered state and local government and politics.

Recent content from David Phelps

Jury: Petters associate James Fry guilty on all 12 counts

James Fry, who helped raise millions for Petters Cos. Inc., was the last criminal defendant tied to $3.65 billion Ponzi scheme.

Updated: June 13, 2013, - 09:47 AM

Jury: Petters associate James Fry guilty on all 12 counts

Twin Cities hedge fund manager James Fry was found guilty on federal charges Wednesday that he misled investors when he sent their funds to Tom Petters.

Updated: June 12, 2013, - 06:52 PM

Jury still out in Fry trial

James Fry, the local hedge-fund manager who helped raise millions for Petters Cos. Inc., faces 12 counts of fraud in...

Updated: June 11, 2013, - 09:56 PM

James Fry fraud case is in the hands of the jury

Prosecution said hedge fund manager James Fry lied to investors, pocketed millions. Defense said he didn’t know about Ponzi scheme.

Updated: June 10, 2013, - 09:13 PM

Last witness in Fry trial testifies

Deanna Coleman, Petters’ No. 2 executive, testified that Frank Vennes knew of the Ponzi scheme.

Updated: June 06, 2013, - 09:28 PM

Petters money man Vennes takes the stand in Fry trial

Frank Vennes, testifying in court for the first time in a Petters-related case, said he thought the deals were legitimate.

Updated: June 05, 2013, - 09:06 PM

Defense attorney, key witness spar in Petters-related trial

Michelle Palm was cross-examined by attorney of hedge fund manager James Fry, who says he’s innocent in the $3.65 billion...

Updated: May 31, 2013, - 08:13 PM

Executive: Arrowhead misled investors in Petters deal

Michelle Palm, who worked for owner James Fry, said at his trial that hiding the source of Tom Petters’ payments...

Updated: May 30, 2013, - 11:18 PM

Key witness in Fry trial expected to testify Thursday

With the Petters-related trial at the halfway point, several key witnesses are waiting to take the stand.

Updated: May 29, 2013, - 08:03 PM

Witness: James Fry aided sales efforts even as the Petters Ponzi scheme crumbled

Fund manager sought new investors as Petters fraud began to come apart, a former executive testifies at Fry’s trial.

Updated: May 28, 2013, - 08:49 PM

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