Tom Petters' lieutenant to flog off the yacht

Categories: Tom Petters

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While convicted Ponzi schemer Tom Petters asks that taxpayers shell out for his latest legal expenses, a court-appointed receiver is trying to sell off assets related to the fraud to help make Petters' victims whole.

Yesterday, the receiver filed papers saying that a buyer had been found for the yacht owned by Petters associate Bob White, and that the two contemplated using as a getaway vehicle when their house of cards began to crumble and the law was closing in.

We'll quote the Pioneer Press:

In fall 2008, as a $3.5 billion Ponzi scheme run out of Minnetonka-based Petters Co. Inc. was unraveling, White cooperated with investigators and got Tom Petters on the phone. The two discussed passports and other topics related to leaving the country -- possibly on the Spirit, which was docked in Chesapeake Bay.

Petters has been sentenced to 50 years in prison.

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