Ponzi players

  • Updated: September 2, 2010 - 8:38 PM

Coming up for sentencing:

Sept. 13: Michael Catain, owner of an Excelsior car detailing center, served as a financial conduit for transactions in the Ponzi scheme. Pleaded guilty to money laundering conspiracy.

Sept. 14: Larry Reynolds, Los Angeles businessman, set up California bank account to transfer investors' funds. Pleaded guilty to money laundering conspiracy.

Sept. 15: Robert White, longtime Tom Petters associate who created false invoices to fool investors. Pleaded guilty to mail fraud and illegal money transactions.

Sept. 21: James Wehmhoff, CPA, falsified tax returns for Petters. Pleaded guilty to conspiracy to defraud the government and aiding and assisting in the filing of a false tax return.

Sept. 30: Gregory Bell, Chicago hedge fund manager who used client funds to prop up the Petters operation in its final months. Pleaded guilty to wire fraud.

Oct. 1: Howard Katz, Bell's accountant who prepared false statements for investors. Pleaded guilty to conspiracy.

DAVID PHELPS

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