Minneapolis (KROC AM News) – The final court order has been issued in a Ponzi scheme orchestrated by a well-known Minnesotan that was one of the largest and most sophisticated in US history.
Businessman Thomas Petters was convicted in 2009 on 20 counts of mail fraud, wire fraud, money laundering, and conspiracy for orchestrating the $1.9-billion scam. Petters is currently serving a 50-year prison sentence.
Tom Petters
According to Wikipedia:
Petters Group Worldwide was an American diversified company based in Minnetonka, Minnesota that was turned into a $3.65 billion Ponzi scheme by its founder and CEO, Tom Petters. It had 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20, with offices in North America, South America, Asia, and Europe. Among its assets were Sun Country Airlines, Petters Warehouse Direct, and the remnants of Polaroid. Petters Group Worldwide had $2.3 billion in revenue in 2007.
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