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Best Scandal Minneapolis 2009 - Tom Petters

Minnesotans love a bit of schadenfreude. We just can't help it—it's hard-wired into the DNA of the state's settlers and has seeped into the consciousness of civic life. So when one of the richest folks in the state lands in jail, accused of running a massive Ponzi scheme...well, the schadenfreude hit overdrive. The indictment reads like a laundry list of the current economic meltdown. Following his arrest in October was a torrent of alleged misdeeds by the businessman, whose empire included not just his own titular stores but Sun Country Airlines and Polaroid. In all, Petters and his cronies (several of whom have already pleaded guilty and are ready to turn on their former associate) are said to have bilked investors out of billions of dollars over more than a decade. As details emerge about the style in which Petters and the rest were living (traveling in a private 727, owning several multimillion-dollar homes), you can sense the secret pleasure at his troubles. However the case ends, it has already caused several businesses to be shuttered and employees to lose their jobs. So maybe that schadenfreude should really turn to anger.

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The Petters fraud case continues to punish investors.

Acorn was just sued by the SEC for bad faith acts.

CO investors who privately (175 people) lost millionstrusting into their fund which vested in Petters

All the while the shark feeding in the Petters Receiver and Bankruptcy cases has run amuck.

Judicial Immunity handed out like candy.

Doug Kelley hired by Petters Group Worldwidethen made Receiverand as the eThics model has gone awryover the cliff as DK is then made Trustee

Meanwhile DK's attorneys threaten to remove items from websiteas they did not disclose that they also representMichael O'Shaughnessy interests.

So they now get a Special Counsel to handle MO issueswho puts in an UNsworn Affidavit

and the Creditors in Petters casesPuts in Motion to Deny a party from voting on a Newtotally Disinterested Trustee

What a worldall originating from the DOJ giving immunity to Petters former partner when he confessed to 17 false affidavits.

It remains WHO YOU KNOW!


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