Judge blasts Tom Petters' "crocodile tears" in denying his attempt at "one final con"

Categories: Tom Petters
PettersSmileRect.jpg
Petters, before his world came crashing down.
During an appearance in federal court in October, a tearful Tom Petters finally admitted guilt for the $3.65 billion Ponzi scheme he was convicted of masterminding in 2009 and told a judge, "I'm begging for your forgiveness."

RELATED: The part of Petters' business class where he teaches about Ponzi schemes must be awk

On that day, Petters pleaded for a 20-year reduction in his 50-year prison sentence. But yesterday, not only was his request denied, but U.S. District Judge Richard Kyle put Petters on blast for trying to "pull off one final con."

More »

Tom Petters finally admits guilt, tells judge: "I'm begging for your forgiveness"

Categories: Tom Petters
pettersmugshot.jpg
Five years after he was convicted of masterminding a $3.65 billion Ponzi scheme, Tom Petters was back in court in St. Paul today trying to get his sentence reduced by 20 years.

RELATED: Tom Petters, convicted Ponzi schemer, teaches fellow inmates business classes

Petters was sentenced to 50 years in prison, but now claims his defense team didn't inform him about a federal plea offer of a 30-year sentence until after he was convicted.

More »

Kurt Bills ad linking Klobuchar and Petters is "preposterous," says Republican bankruptcy trustee [VIDEO]

klobuchar bills ad.JPG
Bills' first TV ad essentially throws allegations against the wall in hopes something will stick.
During last night's Vikings telecast, GOP Senate candidate Kurt Bills debuted his first TV ad.

SEE ALSO: Daily Caller report linking Amy Klobuchar and Petters "is old rehashed stuff," Ken Avidor says

The ad highlights accusations made in a Daily Caller report last week -- namely, "that U.S. Senator Amy Klobuchar helped keep a multibillion-dollar Ponzi schemer [i.e., Tom Petters] out of prison in the late 1990s when she was the County Attorney in Hennepin County, Minnesota." But in a WCCO report, Doug Kelley, the former MNGOP gubernatorial candidate and bankruptcy trustee in the Petters case, calls the allegations made by the Daily Caller and parroted by the Bills campaign "preposterous."

More »

Daily Caller report linking Amy Klobuchar and Petters "is old rehashed stuff," Ken Avidor says

klobuchar petters.jpeg
A Daily Caller report alleges Klobuchar was corrupted by her financial ties to Petters.
On Friday, The D.C.-based Daily Caller published a report alleging "that U.S. Senator Amy Klobuchar helped keep a multibillion-dollar Ponzi schemer [i.e., Tom Petters] out of prison in the late 1990s when she was the County Attorney in Hennepin County, Minnesota."

SEE ALSO: Tom Petters, convicted Ponzi schemer, teaches fellow inmates business classes

"Klobuchar used the power of her office in 1999 to ensure Petters was not charged with financial crimes," the report says, noting that Petters later contributed more than $120,000 toward Klobuchar's Senate run. "And despite significant evidence against him, she cleared the way for Petters to build his multibillion-dollar illegal empire by prosecuting only his early co-conspirators."

It's a pretty explosive allegation, right? But what the report only mentions in passing, says local political blogger and longtime Petters watcher Ken Avidor, is that Klobuchar is far from the only Minnesota politician to be sullied by a connection with Petters -- the list also includes Michele Bachmann, Norm Coleman, and Tim Pawlenty.

More »

Supreme Court ruling means Tom Petters is still a fraudster

Categories: Tom Petters
tompettersmug.jpg
Tom Petters
The Supreme Court won't review Tom Petters' conviction, according to a document released by the court.

Petters asked the court to review his 2009 conviction for running a $3.65 billion dollar Ponzi scheme. He appealed the conviction on the grounds that lower courts inappropriately barred Petters' attorneys from mentioning a prosecution witness' criminal record.

Petters claims he was set up by Larry Reynolds, a co-worker Petters claims was the true architect of the Ponzi fraud.

More »

U.S. Attorney's office reacts to Twin Cities Business story: "Tom Petters is a fraudster"

Categories: Tom Petters
tompettersmug.jpg
Tom Petters gave a jailhouse interview to Twin Cities Business
Twin Cities Business' cover story this month tells "The Untold Story of Tom Petters."

In the piece, convicted Ponzi schemer Tom Petters asserts his innocence.

"Petters remains adamant that others took a legitimate business and turned it into a Ponzi scheme without his knowledge," writes Twin Cities Business editor Dale Kurschner. Petters blames his conviction on pre-trial publicity and says overall public sentiment was against financiers from 2008-2009.

More »

Tom Petters, convicted Ponzi schemer, teaches fellow inmates business classes

Categories: Tom Petters
Thumbnail image for pettersmugshot.jpg
The part of the class about Ponzi schemes must be awkward.
In 2009, Tom Petters was found guilty of masterminding a $3.65 billion Ponzi scheme and sentenced to 50 years in prison.

Now, according to an interview Petters gave to Twin Cities Business magazine, he teaches his fellow inmates at the prison in Leavenworth, Kansas how to make business plans.

Out of Leavenworth's 2,000 inmates, there isn't another more qualified than Petters to provide instruction about how to lawfully make money?

More »

Tom Petters's Ponzi victims sue defunct Wisconsin bank for $1 billion

Categories: Tom Petters
pettersmugshot.jpg
An investment group that was bilked out of more than $1 billion by Petters now wants a bank to reimburse their losses.
A Florida investment group that was bilked out of more than $1 billion by Tom Petters is suing to get that money back.

Palm Beach Finance Partners is suing BMO Harris, the bank company that bought now-defunct Wisconsin financial services company M&I for $1 billion. BMO Harris filed a motion to dismiss the case, with oral arguments on the hearing scheduled for April 20.

According to the lawsuit, from 2003 through August 2008, Petters deposited over $35 billion in an M&I account. "You would think M&I would have looked deeper," the suit says.

More »

Tom Petters' foul mouth caught on audio and transcripts

Categories: Tom Petters

avidor petters panel.jpg
Avidor
Tom Petters: F-bomb city.
Convicted Ponzi schemer Tom Petters, settling in for what amounts to a life sentence in a federal penitentiary for screwing investors out of billions of dollars, isn't guilty.

No, he's a victim! He's misunderstood! He's selling a fucking dream, for cryin' out loud!

That's what he said while Department of Justice officials listened in, courtesy of the wire worn by his former associate and government informant Deanna Coleman.

More »

Tom Petters's Muhammad Ali artifacts going for $31k

Categories: Tom Petters
Muhammad_Ali.jpg
Image courtesy Wikipedia..
The most expensive item: A robe Ali wore after beating Leon Spinks.
A Wisconsin collector of Muhammad Ali memorabilia recently came across an interesting find: a box of Ali artifacts previously owned by one of Minnesota's most famous modern convicts, Tom Petters.More »

Now Trending

From the Vault

 

Loading...