Malcom Bell, an Illinois hedge fund manager who helped facilitate the recent Petters Co. Inc. fraud scheme, was sentenced this week in federal court in St. Paul to six years in prison.

The 45-year-old owned a fund called called Lancelot Investment Management, which had invested all of its money in PCl promissory notes. When PCl fell behind in paying notes held by Lancelot, Bell devised a plan to make it seem to Lancelot investors that PCl was paying off its notes.

In his plea bargain, Bell admitted that he had obtained more than $200 million from investory.

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