Petters money man Frank Vennes Jr. sentenced to 15 years in prison

  • Article by: DAVID PHELPS , Star Tribune
  • Updated: October 18, 2013 - 1:49 PM

The born-again ex-convict pleaded guilty to aiding and abetting fraud in 2012.

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In this file photo, Frank Vennes, left, made his way out of the Federal Courthouse in St. Paul on Wednesday, June 5, 2013.

Photo: Elizabeth Flores, Star Tribune

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Frank Vennes, Jr., the born-again ex-convict, who helped Tom Petters raise more than $1 billion for a fraudulent Ponzi scheme, was sentenced Friday to 15 years in prison.

Vennes was sentenced by U.S. District Judge Richard Kyle to the full amount called for in Vennes’ plea agreement with federal prosecutors, despite requests by attorneys for Vennes for a lesser sentence.

Vennes pleaded guilty to charges of aiding and abetting securities fraud and unlawful monetary activity more than a year ago.
 

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