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Jury finds Petters guilty on all 20 counts

Wednesday, December 2nd, 2009

pioneer_press_logoA jury today found Tom Petters guilty of all 20 felony counts, ending the largest fraud case in Minnesota state history.

Petters, wearing a dark gray suit, white shirt and burgundy tie, showed no emotion as the verdict was read late this afternoon by U.S. District Judge Richard Kyle. Sentencing is expected in a couple of months.

 

Petters jury deliberations enter Day 5

Wednesday, December 2nd, 2009

ap_logoST. PAUL, Minn.—Deliberations in the fraud trial of Minnesota businessman Tom Petters resumed for a fifth day Wednesday.

The jury broke Tuesday evening after spending about 24 1/2 hours discussing the charges and evidence in the case since closing arguments last week.

 

Florida company that invested with Petters files for bankruptcy

Wednesday, December 2nd, 2009

Minnesota Public Radio - LogoSt. 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.

 

City Pages: The Trial of Tom Petters – Day 18

Monday, November 23rd, 2009

I arrived early to the courthouse today, but there was already a crowd of spectators lining up to watch the Government and the Tom Petters’s attorneys give their final arguments.

Each side had ninety minutes with a short rebuttal for the Government.

 

Tangle Increases as Petters Trial Ends

Monday, November 23rd, 2009

Courthouse_news_service_logo(CN) – Closing arguments were expected today in Minneapolis in the trial of Thomas Petters, who is accused of running a $3.6 billion Ponzi scam. Meanwhile in Chicago, a money management firm claims that Petters’ former CEO and COO persuaded it to loan the Petters Group $100 million, then prevented it from getting its security back by falsely telling a bankruptcy court that it had loaned the money to assist in the Ponzi scam.

 

City Pages: The Trial of Tom Petters – Day 16

Friday, November 20th, 2009

On the stand, Tom Petters admitted to telling his personal assistant that he had sex with Deanna Coleman in a gondola.

Defense lawyer Jon Hopeman continued the direct examination of Tom Petters. Hopemen asked Petters to explain some of the incriminatingremarks we heard on the recordings and testimony of witnesses in the trial.

 

Petters sticks to his story as prosecutor takes his turn

Friday, November 20th, 2009

pioneer_press_logoFederal prosecutors got their chance to chip away at Tom Petters’ version of reality Thursday.

Under aggressive questioning about his professional and personal life from Assistant U.S. Attorney Joseph Dixon, the 52-year-old former CEO spent almost five hours explaining everything from his definition of the word “false” to his relationship with Deanna Coleman.

 

Racketeering and Corruption Lawsuit Filed Against Two Former Petters Executives

Wednesday, November 18th, 2009

pr_newswire_grey_logoCHICAGO, Nov. 18 /PRNewswire/ — Ritchie Capital Management, L.L.C., on behalf of itself and as administrative agent for a group of affiliated lenders whose investors include individuals, charities and pension funds (collectively, “Ritchie”), today filed a lawsuit in the U.S. District Court in Chicago alleging violations of the Racketeering Influenced and Corrupt Organizations (RICO) Act and fraud by Mary J. Jeffries, former President and Chief Operating Officer of Petters Group Worldwide, LLC (”PGW”) and former Chief Operating Officer of Petters Company, Inc. (”PCI”), and Camille Chee-Awai, former CEO of Petters Capital, LLC.

 

Petters claims ignorance to scheme

Wednesday, November 18th, 2009

mpls_st_paul_biz_journal_logo Tom Petters testified on Wednesday afternoon that he was largely removed from Petters Co. Inc.’s operations, trusting executives Deanna Coleman and Bob White to run the business while he focused on other ventures and charitable giving.

 

City Pages: The Trial of Tom Petters – Day 14

Wednesday, November 18th, 2009

Tom Petters took the stand and talked about growing up in Saint Cloud and his start in the merchandise diverting business.