Petters Group Worldwide was an American diversified company based in Minnetonka, Minnesota. Founded and led by CEO Tom Petters, the company operated a $3.65 billion Ponzi scheme. At its peak, Petters Group employed 3,200 people and held investments or ownership stakes in 60 companies, actively managing 20 of them, with offices across North America, South America, Asia, and Europe.[1] Its holdings included Sun Country Airlines, Petters Warehouse Direct, and the remnants of Polaroid. The company reported $2.3 billion in revenue in 2007.[2]

On September 24, 2008, the FBI raided the company's headquarters, the homes of several executives, and associated businesses. According to a federal affidavit, investigators used wiretaps and information from a cooperating witness to uncover an alleged $2 billion investment fraud scheme involving falsified purchase orders purportedly from Sam's Club and BJ's Wholesale Club to create the appearance of merchandise sales.[3] Petters was identified as the central figure in the investigation. A federal court appointed attorney Doug Kelley as receiver for the Petters companies, excluding bankrupt Sun Country Airlines.[4]

Petters Group Worldwide filed for Chapter 11 bankruptcy on October 13, 2008.[5] Petters was convicted on December 2, 2009, on all counts related to the fraud scheme.[6] On April 8, 2010, he was sentenced to 50 years in federal prison.[7]

In November 2010, the Hennepin County Attorney's Office charged former Petters Group general counsel David Baer with drug possession after federal agents allegedly discovered illegal drugs in a safe beneath his office desk during the 2008 raid.[8] Baer later received probation for three felony drug convictions and separate professional discipline from the Minnesota Supreme Court.[9]

References

  1. ↑ Nicole Muehlhausen, BIO: Tom Petters Archived October 11, 2008, at the Wayback Machine, KSTP.com, September 24, 2008, Accessed October 8, 2008.
  2. ↑ Liz Fedor, Sun Country files for bankruptcy, Star Tribune, October 6, 2008, Accessed October 8, 2008.
  3. ↑ "Affidavit from investigator" (PDF).
  4. ↑ "Lawyers argue over flight risk of Petters". Star Tribune. October 8, 2008.
  5. ↑ Foriliti, Amy (October 13, 2008). "Petters Group Worldwide files for Chap. 11". Minnesota Public Radio. Associated Press. Retrieved December 10, 2009.
  6. ↑ Hughes, Art (December 2, 2009). "UPDATE 2-Tom Petters found guilty of Ponzi scheme fraud". Reuters. Thomson Reuters. Retrieved December 10, 2009.
  7. ↑ Burton, Thomas (April 9, 2010). "Petters Gets 50-Year Term for Running Ponzi Scheme". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved July 20, 2010.
  8. ↑ Green, Shannon (November 19, 2010). "FBI Busts General Counsel for Drug Possession". Corporate Counsel.
  9. ↑ Duchschere, Kevin (August 30, 2011). "Court hits Petters ex-lawyer Baer for 3 drug convictions". Star Tribune. Retrieved June 25, 2012.
allikas: https://en.wikipedia.org/wiki/Petters_Group_Worldwide