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Hamilton Alan Bird, David Edward Newton, and Douglas Alan Scott

Colorado Springs, CO: (Jun-14-07) State regulators filed a securities fraud lawsuit against Hamilton Alan Bird, David Edward Newton, and Douglas Alan Scott, three officers of XL Capital Partners Inc., a Colorado Springs-based hedge fund.

In a settlement reached, all three agreed to lifetime bans from the securities industry and judgments of $12.6 million against Bird, $8.2 million against Newton, and $851,000 against Scott. The judgment against Bird reflects the full amount lost by 350 investors in XL Capital Partners Inc. Bird and Newton will end up owing $6.6 million and $2.2 million, respectively, because a court-appointed receiver for XL is expected to return $6 million to investors. Bird and Scott still face criminal trials in 4th Judicial District Court on Aug. 13 and Sept. 4, respectively, on state securities fraud and theft charges resulting from a grand jury indictment last year for their roles in operating XL and the related Vision Fund.

Newton agreed to a plea bargain in January on a securities fraud charge and was sentenced to 15 years of probation and 200 hours of community service for his role with the company. He agreed to testify against Bird and Scott as part of his plea bargain. XL and the Vision Fund collected nearly $24 million from 450 investors, including several church and religious organizations based in Colorado Springs. [THE GAZETTE: INVESTMENT FRAUD]


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Published on Jun-17-07


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