St. Paul, Minn. — A Florida investment company has filed for bankruptcy protection, stating it lost more than $1 billion in the Ponzi scheme allegedly led by Minnesota businessman Tom Petters.
Palm Beach Finance Partners says it invested “substantial amounts of monies” with the Petters Company, Inc, in Chapter 11 papers filed Monday in U.S. Bankruptcy Court in West Palm Beach, Florida.
INDIANAPOLIS (AP) — The government no longer is suing to seize bank accounts and other assets of an Indianapolis businessman whom it alleged was operating a Ponzi scheme.
There’s a bull market on Wall Street.
Not for investors, but for a handful of elite lawyers and financial pros acting as court-appointed receivers or trustees of firms whose principals have been snagged by authorities and charged with running Ponzi schemes.
Less than two months after he was elected in 2002, Norm Coleman used the power of his yet-to-be-assumed U.S. Senate office to try to leverage a presidential pardon for convicted money launderer and Tom Petters associate Frank Vennes Jr. And two years after that, Coleman wrote yet another pardon plea on Vennes’ behalf.
The fallout from her “Hardball” appearance may have grabbed all the headlines, but that’s hardly the only crisis that Michele Bachmann has been dealing with this month. There is also the matter of her ties to Frank Vennes Jr., the ex-con and Bachmann campaign contributor on whose behalf she wrote a letter requesting a presidential pardon.
