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Consultants Allegedly Fell For Ponzi Scheme

MEMPHIS (CN) - The Consulting Services Group blew $2 million in pension funds on a Ponzi scheme, the UT Medical Group claims in Federal Court. It claims the Memphis-based defendant lost the money in the Bayou hedge fund scams, which CSG knew or should have known were a house of cards. It also accuses CSG of self-dealing. See complaint.

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