Victims of Petters’ Scam Close to Getting Some Money Back
MINNEAPOLIS (AP) - 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.
Court records filed this month show payments won't come close to the $1.9 billion investors paid into Petters' scam that fooled them into bankrolling a nonexistent consumer electronics business.
About $450 million has been collected by liquidating property, but less than $200 million remains for investors after paying off Petters' lenders and other creditors. More than $85 million has been spent on lawyers, accountants and others who sorted through Petters' dealings.
Some victims are angry fees are so high and that getting repaid is taking so long.
Petters got a 50-year prison sentence for the scam, which collapsed in 2008.