Petters convicted in ponzi scheme - "Lake Minnetonka Today" TV news - Thursday, Dec. 3

One year to the day after he pleaded not guilty to federal charges, Wayzata resident and prominent Twin Cities businessman Tom Petters was convicted yesterday in U.S. District Court on all 20 counts of mail and wire fraud, conspiracy and money laundering he faced for defrauding investors out of $3.65 billion.

A jury found Petters guilty of all charges after deliberating over the course of five days. He faces 30 years to life in prison when he is sentenced, scheduled for early next year.

Today, Petters' attorneys said they plan to file an appeal.

Petters, 52, is the former president and CEO of Petters Group Worldwide in Minnetonka. Having holdings in 20 companies, including Sun Country Airlines, Polaroid and Fingerhut, PGW has since filed for bankruptcy protection.

The U.S. Attorney's Office began investigating Petters and associates of the PGW company, Petters Company Inc., after a PCI employee, Plymouth resident Deanna Coleman, informed authorities of the investment schemes PCI had been committing since 1995.

Coleman, who pleaded guilty for her role in the case, was a major witness for federal prosecutors. Shorewood resident Michael Catain, Excelsior resident Robert White and Las Vegas resident Larry Reynolds have all entered guilty pleas in connection with the investigation as well.

Petters and his associates were accused of receiving funds from investors to purchase goods to resell for a profit, but the goods never existed and the funds were used for Petters' and his associates' personal use.

A more detailed account on the case against Petters is available at www.mnsun.com

Basketball star pleads guilty
Royce White pled guilty to misdemeanor charges of theft and disorderly conduct Wednesday, Dec. 2, in Hennepin County District Court, according to media reports.

A Hennepin County District Court spokesperson has not replied to messages left for her regarding the reports.

White, a Hopkins High School graduate and freshman on the University of Minnesota men's basketball team, was cited for misdemeanor theft and fifth-degree assault for an alleged Oct. 13 incident at the Mall of America.


White attempted to shoplift about $100 in clothing from Macy's, according to a Bloomington Police report. After being seen, White attempted to flee and fought with a security guard trying to apprehend him.

White's charges will be dismissed if he stays out of legal trouble for one year. He will be banned from the Mall of America during that one-year period.

Gophers head coach Tubby Smith announced Nov. 3 White was suspended from the team indefinitely for violating team rules.

Category:

News & Politics

Tags:

• Sun Newspapers
• Sun Sailor
• Lake Minnetonka Today
• Wayzata
• Tom Petters
• Fingerhut
• Sun Country Airlines
• Polaroid
• Minnetonka
• Hopkins
• University of Minnesota
• Royce White
• Mall of America

[2009wildmonkey1]

I worked on his house , He is a nice guy. Go look up the Builderburg group and thats somthing to look at

[bobmack89x]

3.65 billion dollar Ponzi Scheme