BMO Financial Group is facing four federal lawsuits filed by investor groups who claim a bank acquired by BMO was complicit in a $3.7 billion Ponzi scheme by a Minnesota man. BMO acquired Marshall & Ilsley Corp. in 2011 and denies any wrongdoing by M&I, now known as BMO Harris.
The College of St. Benedict will soon be paying back a $600,000 donation given to them by convicted Ponzi Schemer Tom Petters. Petters agreed to donate about $3-million to the college before he was convicted in 2009 of running a $3.5-billion fraud.
Convicted Minnesota businessman Tom Petters returns to federal court this week to try to shorten his 50-year prison term. The attempt to get 20 years removed might be Petters' last chance to go after a lighter sentence.
A former associate of convicted Minnesota businessman Tom Petters has pleaded guilty to lying to investors in a $3.65 billion Ponzi scheme. Fifty-five-year-old Frank Vennes Jr. of Stuart, Fla., pleaded guilty in federal court Friday to fraudulently raising money from individuals and through hedge f…
The bankruptcy trustee recovering money for victims of the Ponzi scheme operated by imprisoned businessman and St. Cloud native Tom Petters is suing BMO Harris Bank, accusing it as the owner of M&I Bank of aiding and abetting the fraud.