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Wednesday P.M. Report

SEC charges Minnesota  money manager in $190M Ponzi scheme: The Securities and Exchange Commission has obtained an emergency court order freezing the assets of a Minneapolis-based money manager, a syndicated radio personality and four companies they controlled in a foreign trading scheme that raised at least $190 million from more than 1,000 investors. Trevor G. Cook and Patrick J. Kiley allegedly sold unregistered investments through shell companies, saying they would deposit each investor’s funds into a separate account in that investor’s name. Read full story

Judge says Hecker must pay estranged wife $7,500 per month: Denny Hecker must pay his estranged wife, Tamitha Hecker, $7,500 a month in spousal support, the judge overseeing his divorce has ruled, according to media reports. Hecker, the prominent former owner of several Twin Cities auto dealerships, had argued that he couldn’t afford to make such payments because he’s bankrupt and does not have a job. Judge Jay Quam, however, cited recent major expenditures in his ruling that Hecker must pay spousal support. Read full story

Dept. of Commerce charges 3 Twin Cities firms with identity theft: The Minnesota Department of Commerce has charged three Twin Cities firms, including two collections agencies, with forging signatures in order to access consumer funds. Read full story

Delta extends contract with catering vendor: Delta Airlines has renewed its vendor contract with gategroup, parent company of food contractor Gate Gourmet. The multi-year extension, valued at more than $1 billion in revenue over the life of the contract, also involves gategroup subsidiaries Gate Safe, eGate Solutions, Pourshins and deSter. Read full story

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