Victims of the Ponzi scheme by businessman Tom Petters are finally close to getting some of their money back nearly a decade after the scam was exposed.
A recent Minnesota Supreme Court decision could affect the potential recovery of more than $1 billion from lenders who profited from relationships with convicted Wayzata businessman Tom Petters.
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 businessman Tom Petters has asked a judge for forgiveness, offering a tearful apology as he seeks to have 20 years cut off his 50-year prison sentence.
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.