Ritchie Capital Management
- January 26, 2009 - 9:22 PM
CEO: Thane Ritchie, a former member of the U.S. bobsled team and former All-American at Wheaton College.
Headquarters: Lisle, Ill.
Assets under management: $4 billion at its peak in 2005; an estimated $2 billion as of 2008.
Claims against Petters' bankrupt companies: $250 million, including interest.
• Barclay's Bank PLC filed a lawsuit late last year alleging that Ritchie Capital concealed more than $150 million in investments it made with Petters Group Worldwide and its affiliates at a time when the funds were supposed to be winding down. A Ritchie spokesman told Bloomberg News at the time that the lawsuit was baseless. The case is pending in circuit court in Cook County, Ill.
• The Securities Exchange Commission (SEC) last year found that Ritchie had approved the use of an illegal late trading scheme by the company's mutual fund group. The SEC's order found the company, Ritchie and an employee liable for $40.2 million in disgorgements and civil penalties.
• Two of Ritchie Capital's Irish-based funds filed for bankruptcy protection in 2007 after claiming they lost more than $700 million because of an alleged fraud by partner Coventry First LLC.Sources: Bloomberg News, Wall Street Journal, Ritchie Capital
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