Twin Cities restaurateur testifies in Petters trial

Categories: News

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Champps and Redstone American Grill founder Dean Vlahos testified in BFF Tom Petters' federal fraud trial last week. The restaurateur reportedly lost $26 million on his investments with the disgraced local businessman.

He also profited quite handsomely though. According to the Star Tribune, Vlahos made $42 million from the investments between 2001-2008. So, a net profit of $16 million? Not bad.

In emotional testimony, the Strib reports Vlahos told the court, "I talked to him every day, sometimes twice a day," [he] said ... occasionally choking up. "I considered him my best friend. We were very close. We talked about very personal things together." Such good friends, in fact, that Vlahos once gave Petters a Bentley. Aww.

The Strib says Vlahos' last loan to Petters was for $10 million.

Vlahos was sued earlier this year by a Rochester bank for defaulting on $13 million in loans, fueling some speculation over his entanglements with Petters.

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