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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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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A new management and legal team will be assembled to oversee Petters Group and its affiliates as feds investigate allegations of...
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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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