![Assets Recovered from Large Ponzi Scheme Reach $722 Million](https://townsquare.media/site/67/files/2011/01/petters.jpg?w=980&q=75)
Assets Recovered from Large Ponzi Scheme Reach $722 Million
MINNEAPOLIS (AP) -- A bankruptcy trustee's search to recover assets linked to one of the largest financial crimes in Minnesota's history has netted $722 million.
Doug Kelly says his work to collect assets from Tom Petters' $1.9 billion Ponzi scheme is nearly done 13 years after the search began.
Petters, now 63, was indicted in 2008 on multiple counts of mail fraud, wire fraud, money laundering and conspiracy for operating the scheme which spanned 26 countries, including the Cayman Islands, Germany and Switzerland.
A federal jury found him guilty on all counts and he was sentenced to 50 years in prison.
He is currently an inmate at the federal prison in Leavenworth, Kansas.
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