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.
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.
The Supreme Court has rejected an appeal from investment funds seeking repayment of their losses in a $3.7 billion Ponzi scheme operated by Minnesota businessman -- and St. Cloud native -- Thomas Petters.