tom petters

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 funds for investment in Petters Co. Inc.

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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.

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A federal judge has dismissed a lawsuit that attempted to recoup a $2 million donation to the College of St. Benedict made by a businessman convicted of fraud. Tom Petters gave the money to the college in St. Joseph so it would name its auditorium after his parents.

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A Minnesota home purchased with proceeds from a Ponzi scheme will be seized by federal officials. A judge has authorized the U.S. Attorney's Office to seize the home in Minnetrista linked to Tom Petters.

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General Electric Capital Corp. has agreed to repay $19 million in interest and principal it received from the $3.65 billion Ponzi scheme Minnesota businessman Tom Petters was convicted of orchestrating.

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The U.S. Supreme Court says it won't take up the case of Minnesota businessman -- and St. Cloud native -- Tom Petters. In documents made public Tuesday, the nation's highest court denied Petters' request to review his 2009 conviction on charges he orchestrated a $3.65 billion Ponzi scheme.

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A Minnesota businessman -- and St. Cloud native -- convicted of engineering a $3.65 billion Ponzi scheme now lives in a two-person prison cell, awakened at 6 a.m. each day by clanging door locks.

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Attorneys for Minnesota businessman Tom Petters are asking the U.S. Supreme Court to review his 2009 conviction on charges that he orchestrated a $3.65 billion Ponzi scheme.

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Gov. Mark Dayton has signed a bill to exempt charitable groups from having to return tainted donations after the expiration of a two-year statute of limitations.

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A federal appeals court has upheld the 2009 conviction and 50-year prison sentence of Tom Petters. The Minnesota businessman and St. Cloud native was found guilty of orchestrating a $3.7 billion Ponzi scheme.

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