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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.

Elizabeth Flores, Star Tribune

Petters money man Vennes gets 15 years

  • Article by: David Phelps
  • Star Tribune
  • October 18, 2013 - 1:49 PM

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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