* SEC accuses Gregory Bell, Lancelot Mgmt of fraud

* Judge orders Bell to repatriate overseas assets

* Lawsuit also accuses Thomas Petters of securities fraud (Adds details, background)

WASHINGTON, July 10 (Reuters) - A federal judge froze the assets of a hedge fund manager accused of acting as a $2 billion feeder fund for a multibillion-dollar Ponzi scheme operated by Minnesota businessman Thomas Petters, federal regulators said on Friday.

The Securities and Exchange Commission said it obtained the court order in a lawsuit accusing Gregory Bell and his Lancelot Management LLC of fraud.

The lawsuit also accused Petters of fraud for a Ponzi scheme involving the sale of notes related to consumer electronics. When Petters' scheme began to unravel, the SEC said, Bell participated in a series of sham transactions to conceal that Petters owed more than $130 million in investor payments on the notes.

Bell and Lancelot Management have never been registered with the SEC or any other regulatory agency, the SEC said in a statement. Bell could not be immediately reached for comment.

"Bell lied to investors to induce them to hand over their money, and then hung them out to dry while millions of dollars in fees continued to flow into his own pockets," said Merri Jo Gillette, head of the SEC's regional office in Chicago.

Judge Ann Montgomery in federal district court in Minneapolis issued an order freezing all assets of Bell, his wife, and Lancelot Management, and requiring them to repatriate all overseas assets.