Victims of Petters’ Ponzi Scheme Start to be Paid Back
MINNEAPOLIS -- The victims of a $2.1-billion Ponzi scheme orchestrated by St. Cloud native Tom Petters have started to see some of the money stolen returned to them.
Back in 2008 Petters was indicted on multiple counts of mail fraud, wire fraud, money laundering and conspiracy for orchestrating the Ponzi scheme. A jury found him guilty of all 20 counts against him a year later, and he was sentenced to 50 years in prison.
Just over $16.4-million is part of this initial redistribution. It will be sent to around 364 victims worldwide.