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Monday September 29, 2008
The airline is squeezed for cash but says it will reimburse deferred wages with interest in 2009.
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Saturday September 27, 2008
The subject of a fraud investigation, the CEO is known for his golden touch and good works.
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Friday September 26, 2008
Federal officials, in outlining their case, call Tom Petters the central figure in a suspected scheme that funded his work and lifestyle. Petters maintains he’s innocent, his attorney says.
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Thursday September 25, 2008
CEO Tom Petters met with employees this morning, apologized for Wednesday's disruption and said the company's values haven't changed.
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Thursday September 25, 2008
Agents served warrants at Petters Group Worldwide in Minnetonka, the majority owner of Sun Country Airlines. They also searched Tom Petters' Wayzata home.
more from this series
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Deanna Coleman's testimony could help trustee recover ''phantom profits'' for those who lost money in long-running Ponzi scheme.
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Hundreds of millions are at stake as the trustee seeks to consolidate affiliates in an effort to claw back profits from...
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The trustee said bonus money given out by Tom Petters belonged to his Ponzi victims.
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Agency wants Arrowhead Capital, leaders to be banned and to repay "ill-gotten gains."
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Fund manager James Fry was indicted, and new charges were issued against Frank Vennes Jr.
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Deanna Coleman is back in Minnesota in advance of her release next month after serving less than a year for her...
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WASHINGTON - The Supreme Court has rejected an appeal from investment funds seeking repayment of their losses in a $3.7 billion...
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Two Florida hedge fund managers admit to counts of fraud in St. Paul Thursday.
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He is alleged to have shepherded billions into Petters' Ponzi scheme.
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The effort to recover $1.7 billion in 'phantom profits' from Ponzi scheme is likely to take at least another year.
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U.S. Bankruptcy Judge Gregory Kishel has given go-ahead approval for the sale of Polaroid Group, one of the few assets of...
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Sometimes, being a court-appointed receiver requires one to assume the role of Dr. No.
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Terms were not disclosed in the sale of apartment complexes that belong to a close associate of Petters.
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The Excelsior businessman didn't mean to break the law by taking money in violation of a court order, the lawyer wrote.
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McGladrey & Pullen has been sued in relation to the $50 billion fraud case against Bernard L. Madoff and the $3.5...
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Polaroid, thrust into bankruptcy in the wake of the fraud investigation involving owner Tom Petters, has entered into a "stalking horse"...
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Michael Catain was locked up after a judge ruled he had spent about $14,000 from a car wash business that was...
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A change in its business model and more charter flying brought black ink. The carrier will add a daily Boston flight.
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Attorneys expect fireworks at Tuesday's bankruptcy hearing as an investment group tries to block the companies' trustee.
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The owner of Redstone American Grill and his wife claim they're among the alleged scam's largest individual victims.
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They assert that a report to the judge confirms the need for custody not only for the fraud suspect but an...
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A new filing says Tom Petters and two associates evaded a court-ordered freeze of their money and property.
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Tom Petters, 0 for 2, makes another pitch to be released on bond. His lawyers say there's no evidence he might...
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If a bankruptcy judge approves, Houlihan Lokey will make money no matter what road its client may take.
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When the court-appointed receivers began confiscating property from those charged or associated with Minnesota businessman Tom Petters, they found that the...
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Frank Vennes Jr., a Shoreview businessman who recruited investors for Tom Petters, found out something was amiss nine months before authorities...
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The Wayzata businessman will be headed to court June 9. An attorney cited new evidence in the latest bid to have...
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A foundation lost funds with which to it hoped to turn a former nursing home near Duluth into a haven for...
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Petters' case swindler gets nearly three years in prison.
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Reports detail costly homes, cars and amenities that the fraud suspect and his cohorts enjoyed.
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Polaroid Corp., the venerable consumer company that revolutionized recreational photography more than 50 years ago with the instant camera, on Thursday...
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Mounting legal bills raise questions about what will be left for Tom Petters' creditors.
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Hennepin County jury convicts man of trying to swindle Petters' lawyer. Man claimed to be able to put a judge in...
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Creditors fret as Tom Petters' companies founder; Polaroid suffers "substantial losses"and may have to downsize.
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Derrick Riddle "looked at me like I was a piece of meat," Jon Hopeman said. Riddle, who is accused of seeking...
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James Wehmhoff of Plymouth is accused of conspiracy to defraud and assisting in filing of false tax returns in Tom Petters'...
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Petters subsidiary Polaroid Corp. is safe from some civil lawsuits filed against it -- for now.
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A man accused of trying to swindle Tom Petters' lawyer tried a novel defense Monday, claiming a sloppy signature from a...
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Monthly expenses for businessman Tom Petters, accused of fraud, were about $227,268 a month, according to documents filed in federal...
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Chanhassen businessman Paul Taunton is buying out Tom Petters' 50 percent stake in their jointly owned marketing company Business Impact Group...
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The government wants lawyers to keep their hands off Polaroid while it determines whether the firm was "propped up by fraud."
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Tom Petters' trial is set for February on fraud and conspiracy counts, but a defense lawyer says it's unlikely he can...
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The charges step up the government's case and replace a criminal complaint. A defense attorney says the businessman will plead not...
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Creditors are lining up for the scraps left from Tom Petters' fortune, some of it hidden in the form of fancy...
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Sun Country Airlines, in a motion filed Tuesday in U.S. Bankruptcy Court, is seeking court approval to obtain short-term financing from...
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They all want to know what's left of his businesses.
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Hedge fund manager Ritchie Capital Management and its principal, Thane Ritchie, are accused of concealing more than $150 million in investments...
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Frank Vennes Jr., a Shorewood businessman, got court approval to sell his Florida mansion for $5.8 million. A three-bedroom house...
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She came from humble beginnings but quickly grew accustomed to the millionaire lifestyle she could afford because of her boss and...
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Frank Vennes Jr., a Shorewood businessman, got court approval to sell his Florida mansion for $5.8 million. A three-bedroom house...
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A wary judge kept him in jail after hearing a phone call and of previous legal troubles.
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Larry Reynolds will be subject to home detention and electronic monitoring and must pay for a portion of the costs.
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Tom Petters, accused of massive investment fraud, has been a salesman since his youth. "He could talk your wallet right out...
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Flight attendants, hedge funds and retirees are caught in the wake of the federal probe. "I'm trying not to cry," said...
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Charities that invested with Tom Petters dropped the ball when it came to making wise choices with donated funds, experts say.
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The future of the Thomas J. Petters Family Foundation is in doubt, and Another named for his son is bracing...
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Dominoes continue to fall in the fraud case against Twin Cities businessman Tom Petters.
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Larry Reynolds admitted to creating an account for money from investors who were told their cash would buy electronics goods.
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The process of hacking through the intricate legal chaos of an alleged $3 billion fraud case against Twin Cities entrepreneur Tom...
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Thursday will be a big day for Tom Petters, the Twin Cities businessman accused of running a $3 billion investment fraud...
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In the papers, Petters' attorneys say he is not a flight risk and that the recorded conversation is "too thin a...
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An alleged money launderer is given a new charge hinting of a plea bargain. Seven more Petters entities filed for bankruptcy.
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Through his lawyer, the entrepreneur says he's worried about his family, business and employees.
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Bookings have been strong enough to improve on the original reduction to half wages, but cash still is in short supply.
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Petters Aviation, majority owner of the airline, may sell other assets, including a recently acquired charter carrier.
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Layoffs at a Minnesota recovery center among the latest effects of the Petters investment scam probe.
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Fraud charges swirling around Twin Cities businessman Tom Petters have spawned two more bankruptcies, including a Chapter 11 filing for Petters...
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If you are a history buff, this is a good time to run over to the Walker Art Center and visit...
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They say they invested more than $20 million with the former CEO and his associates.
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Minnesota politicians are scrambling to jettison campaign cash donated by Tom Petters, the Twin Cities businessman accused of high-level fraud.
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Petters Group executives focus on saving their businesses as founder Tom Petters awaits trial on fraud charges.
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Federal or state contributions to candidates' campaigns from Tom Petters, $1,500 and above.
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Should have left a skyscraper, Tom.
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Deanna Coleman of Wayzata, who turned Petters in, and Robert Dean White of Excelsior and Michael Catain of Shorewood admitted to...
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Saying the ex-CEO "has the personality to pull off a flight caper," the judge agreed with federal prosecutors that alternatives to...
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An Illinois-based investment fund and its management firm have filed a federal racketeering lawsuit in Minneapolis against Tom Petters, his companies...
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Prosecutors want Tom Petters jailed until his fraud trial. His lawyer says he won't be a fugitive. A judge will rule...
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Michael Catain is charged with money laundering conspiracy in what is described as a Ponzi scheme.
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A receiver is appointed to run Petters' companies; more investors sue to recover money.
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The Mendota Heights airline said it will continue to fly its regular schedule.
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Millionaire Frank Vennes Jr. once gave inspirational talks to prisoners but is now under investigation.
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A court receiver was appointed late last week to oversee various "entities" of Tom Petters, the jailed Twin Cities businessman who...
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Agents arrested him Friday, partly in response to taped conversations showing he had plans to leave the country, documents say. He...
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Airline leaders say they expect to survive a cash crisis but warned of layoffs or a shutdown as early as Dec....
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The potential financial implosion related to the government investigation of Minnetonka businessman Tom Petters has gone international. It also has prompted...
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A former Petters Co. Inc. officer and consultant from Excelsior was charged Tuesday in federal court with mail fraud and illegal...
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A nonprofit and a charity that invested in Tom Petters' unconventional investment plan are worried they will lose millions now that...
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The airline is squeezed for cash but says it will reimburse deferred wages with interest in 2009.
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The airline's CEO says it will continue its normal flight schedule and won't be affected by its owner's legal woes.
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The subject of a fraud investigation, the CEO is known for his golden touch and good works.
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Federal officials, in outlining their case, call Tom Petters the central figure in a suspected scheme that funded his work and...
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Can cash-strapped Sun Country Airlines -- which might not be flying today if not for Tom Petters -- survive a federal...
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Agents served warrants at Petters Group Worldwide in Minnetonka, the majority owner of Sun Country Airlines. They also searched Tom Petters'...
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