Unwinding Petters' scam

April 9, 2010 at 12:38AM

Number of victims: At least 340, but probably more because hedge funds invest for others.

Total loss: $3.65 billion to $3.7 billion, according to prosecutors.

Recovered so far: $199 million, according to court-appointed receiver Doug Kelley.

Properties sold: Two homes owned by Petters, two homes and a condo owned by co-defendant Michael Catain and the Costa Rican residence of Deanna Coleman, for $15.2 million total.

Luxuries sold: A Bentley, Lexus and five Mercedes-Benzes owned by Petters, for $356,500; a Bentley owned by Catain, for $175,000; a Bentley and Ferrari owned by co-defendant Larry Reynolds, for $225,000; a Porsche owned by Robert White, for $50,187.

Major businesses: Polaroid was sold last year to new investors for $86 million. Sun Country Airlines' bankruptcy reorganization plan would give ownership to major creditors and pay others 20 cents on the dollar.

DAVID PHELPS

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