More Petters fallout

Categories: Tom Petters

Minnesota Teen Challenge is the latest victim of the Petters Group Worldwide investigation. The Christian-based residential treatment program serving more than 400 teens and adults each year eliminated more than 8 percent of its 260-person staff, according to the Star Tribune.

Teen Challenge had invested $5.7 million from that donor in now-bankrupt Petters businesses, reaping $1.2 million in interest income from the reinvestments.

Layoffs include administrative, maintenance and a few direct-service employees at centers in Minneapolis, Duluth and Brainerd.

In other Petters news, Nevada businessman Larry Reynolds is now in the same jail as former CEO Tom Petters. Reynolds was moved to the Sherburne County Jail Tuesday by federal marshals after he was arrested in California on the same day Petters was taken into custody, according to KSTP.



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