tom petters

Investors Sue BMO Over Tom Petters’ Ponzi Scheme
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.
Petters’ Associate Vennes Pleads Guilty
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…

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