During an appearance in federal court in October, a tearful Tom Petters finally admitted guilt for the $3.65 billion Ponzi scheme he was convicted of masterminding in 2009 and told a judge, "I'm begging for your forgiveness."RELATED: The part of Petters' business class where he teaches about Ponzi s ... More >>
Five years after he was convicted of masterminding a $3.65 billion Ponzi scheme, Tom Petters was back in court in St. Paul today trying to get his sentence reduced by 20 years.RELATED: Tom Petters, convicted Ponzi schemer, teaches fellow inmates business classes Petters was sentenced to 50 years ... More >>
During last night's Vikings telecast, GOP Senate candidate Kurt Bills debuted his first TV ad.SEE ALSO: Daily Caller report linking Amy Klobuchar and Petters "is old rehashed stuff," Ken Avidor saysThe ad highlights accusations made in a Daily Caller report last week -- namely, "that U.S. Senator Am ... More >>
On Friday, The D.C.-based Daily Caller published a report alleging "that U.S. Senator Amy Klobuchar helped keep a multibillion-dollar Ponzi schemer [i.e., Tom Petters] out of prison in the late 1990s when she was the County Attorney in Hennepin County, Minnesota."SEE ALSO: Tom Petters, convicted Pon ... More >>
The Supreme Court won't review Tom Petters' conviction, according to a document released by the court. Petters asked the court to review his 2009 conviction for running a $3.65 billion dollar Ponzi scheme. He appealed the conviction on the grounds that lower courts inappropriately barred Petters' a ... More >>
Twin Cities Business' cover story this month tells "The Untold Story of Tom Petters." In the piece, convicted Ponzi schemer Tom Petters asserts his innocence. "Petters remains adamant that others took a legitimate business and turned it into a Ponzi scheme without his knowledge," writes Twin Citie ... More >>
In 2009, Tom Petters was found guilty of masterminding a $3.65 billion Ponzi scheme and sentenced to 50 years in prison. Now, according to an interview Petters gave to Twin Cities Business magazine, he teaches his fellow inmates at the prison in Leavenworth, Kansas how to make business plans.Out of ... More >>
A Florida investment group that was bilked out of more than $1 billion by Tom Petters is suing to get that money back.Palm Beach Finance Partners is suing BMO Harris, the bank company that bought now-defunct Wisconsin financial services company M&I for $1 billion. BMO Harris filed a motion to ... More >>
AvidorTom Petters: F-bomb city.Convicted Ponzi schemer Tom Petters, settling in for what amounts to a life sentence in a federal penitentiary for screwing investors out of billions of dollars, isn't guilty. No, he's a victim! He's misunderstood! He's selling a fucking dream, for cryin' out ... More >>
Ken Avidor.Tom Petters: Worst boss ever.Tom Petters must be one of the worst bosses of all time. First, the guy gets busted in a $3.5 billion Ponzi scheme that makes anything Petters-related an epic negative on the resume. Now, his ex-employees have to give up the one perk left: The dirty mo ... More >>
Photo via WikipediaThe United States Penitentiary, Leavenworth -- The Big House -- is Tom Petters' new addressPonzi schemer Tom Petters is headed for The Big House: the United States Penitentiary in Leavenworth, Kansas. And unless his legal team can pull a rabbit out of its hat and win an app ... More >>
Headed for the federal penTom Petters is headed for the Big House. The one-time high-flying millionaire sentenced to 50 years behind bars for orchestrating a $3.7 million Ponzi scheme is cooling his heels in the Federal Transfer Center at Will Rogers airport in Oklahoma City. Next stop is a f ... More >>
Now we have the names of Tom Petters' victimsNo investor lost more money to convicted Ponzi schemer Tom Petters than Ritchie Capital Management: $165 million. No one lost less in the $3.65 billion scheme than Louise Remley and her $9,420. Their losses, along with those of 432 others, are ... More >>
Chalk up a win for the victims of Tom Petters' $3.5 million Ponzi scheme: His 6,300-square-foot home at 655 Bushaway Road in Wayzata is under contract to a buyer for $5 million, according to papers filed by the bankruptcy trustee in the case. While $5 million may sound like a lot, it's actu ... More >>
Ken AvidorPetters hears the judge sentence him to a life behind barsTearing a page from the Denny Hecker instructional manual on getting the public to cover the costs of private enterprise deceit, convicted Ponzi schemer Tom Petters filed notice on Tuesday in the Eighth U.S. Circuit Court of ... More >>
Illustrator Ken Avidor, who covered the trial of Tom Petters for City Pages, sends this final video and the following account:
Today's the day. Disgraced Wayzata businessman Tom Petters, convicted last year of orchestrating a $3.65 billion Ponzi scheme, will appear in a St. Paul courtroom and find out just how much of the rest of his life he's going to spend behind bars. Prosecutors are seeking a 335-year sentence. His defe ... More >>
Ken AvidorTom Petters hears Judge Richard Kyle sentence him to 50 years in prisonDisgraced Wayzata businessman Tom Petters, convicted last year of orchestrating a $3.65 billion Ponzi scheme, has been sentenced to 50 years in prison. Prosecutors sought a 335-year sentence. His defense team as ... More >>
Tom PettersSeeking a more lenient sentence after his client was convicted of orchestrating a $3.65 billion Ponzi scheme, disgraced businessman Tom Petters's lawyer, Paul Engh, has decided the best way to make his point is to equate Petters with one of the most reviled figures in New York's fi ... More >>
Mega-swindler Tom Petters will forfeit all his property to pay back his investors, a judge ruled today.
The convicted swindler could easily receive a life sentence for the Ponzi scheme.
The latest installment of chaos and potential ruin visited upon those touched by convicted swindler Tom Petters.
Having a $3.5 billion Ponzi-schemer's name attached to your auditorium doesn't sound like a good idea to us either.
Politicians, celebrities and suckers ... the Tom Petters promotional video.
The Ponzi schemer also had a foul mouth.
Tom Petters showed no emotion.
All. Twenty. Counts.
Everybody and their sister came out to see the final arguments for the biggest Ponzi trial in Minnesota.
On the stand, Tom Petters admitted to telling his personal assistant that he had sex with Deanna Coleman in a gondola.
Both sides rest their case.
Tom Petters took the stand and talked about growing up in Saint Cloud and his start in the merchandise diverting business.
Petters said he was too grief-stricken to be fully in charge of the business, but he also boasted about his deal-making with big merchandisers and his business trips all over the world.
Today we heard from more businessmen about documents forged and deals gone bad.
Petters made all kinds of excuses while he continued to live like a "big-time wheeler-dealer," "swashbuckling industrialist" with his "Blackberry abuzz."
"The Star Tribune was going to do a story about what a great entrepreneur Tom Petters was.... I went to my car chuckling."
A connection to Michele Bachmann? More graphic testimony.
Prosecutors played a tape recorded during the final days before his businesses collapsed where Petters says he fears that some of his investors might be connected to the mob and would kill him if he didn't pay them off.
Intimate affairs, tears, and the mob--oh my!
Petters began to cry and asked Deanna Coleman for a hug. Coleman freaked out because she was wearing a wire.
Ken Avidor will be offering his unique artistic take on a sensational trial that has barred cameras.
Larry Reynolds -- whose real name is Larry Reservitz -- is a swindler and drug trafficker with connections to the New England mob. Petters's attorneys are arguing he is to blame for the entire financial scandal.
Anyone on the market for a $7.8 million home? We didn't think so. But if you are, you can possibly bask in the Ponzi glory of local businessman Tom Petters.
His attorneys say he is being treated unfairly in jail and not given the same freedom as others in the clinker.
One Nevada Gaming Control Board agent testified that when Petters was approached in Las Vegas in September, he said "I am the guy in charge and I will bite the bullet if I have to."
Lawyers for Minnesota businessman Tom Petters are pretty pissed. Would you want to defend this guy for table scraps? Doubtful.
The judge laid down the law today: The Petters case is staying here, at least for now. And don't whine when you feed the fire.
The alleged multi-billion dollar Ponzi scheme of Tom Petters is easily one of the biggest fraud cases in Minnesota history, but Petters seems to believe that the state's largest newspaper shouldn't be paying it much attention.
A U.S. bankruptcy judge approved the sale of Polaroid Group, one of the remaining valuable assets left with Petters Group Worldwide.