Newspaper article THE JOURNAL RECORD

Oklahoma City Federal Judge Issues Injunction against Former Hedge Fund Manager

Newspaper article THE JOURNAL RECORD

Oklahoma City Federal Judge Issues Injunction against Former Hedge Fund Manager

Article excerpt

An Oklahoma City federal judge Friday issued a consent preliminary injunction against former Edmond hedge fund manager Mark Trimble, who was accused by the Commodity Futures Trading Commission in February of operating a Ponzi scheme.

Trimble attorney Mack Martin said his client is fully cooperating with the CFTC in the matter. He said Trimble had stopped trading "from day one."

In February, the CFTC filed an enforcement action against Trimble and his company, Phidippides Capital Management LLC, alleging that Trimble managed a $34 million private hedge fund with about 60 investors that was actually a Ponzi scheme.

Trimble and Phidippides consented to the order without admitting the allegations in the government's complaint.

U.S. District Judge Timothy DeGiusti said there was good cause to believe Trimble and PCM violated the anti-fraud provisions of the Commodity Exchange Act.

"There is good cause to believe further that pool participants and prospective pool participants may have been cheated and defrauded and that immediate and irreparable damage to the court's ability to grant effective final relief for pool participants in the form of monetary redress will occur from the dissipation of pool participants' assets and destruction of records unless the defendants are immediately restrained and enjoined by order of this court and, accordingly, there is good cause to issue this order," the judge wrote.

The injunction prohibits Trimble from engaging in commodity trading or any activity requiring commission registration. It also enjoins him from dissipating, transferring or disposing of any assets or other property within his or PCM's control, destroying or concealing records, documents and data and denying commission representatives access to his and PCM's books and records.

Trimble is required to make an accurate accounting to the CFTC covering the time period from Jan. 1, 2005 to the date of the accounting.

Trimble must also repatriate all affected funds, assets and property, paying them to the clerk of the court or as otherwise ordered.

Shortly after the case was filed, DeGiusti issued an order freezing the assets of Trimble and Phidippides. …

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