Petters aides enter not guilty pleas on new federal charges

Frank Vennes and James Fry will go to trial in February after pleading not guilty to a total of 31 criminal counts, the Pioneer Press reports. The charges include wire fraud, money laundering and making false statements. Both men are accused of helping convicted Twin Cities businessman Tom Petters carry out his $3.5 billion Ponzi scheme.
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Frank Vennes and James Fry will go to trial in February after pleading not guilty to a total of 31 criminal counts, the Pioneer Press reports. The charges include wire fraud, money laundering and making false statements.

Both men are accused of helping convicted Twin Cities businessman Tom Petters orchestra his multi-billion Ponzi scheme. Petters is serving a 50-year prison sentence after jury members found him guilty of fraud in 2009.

Attorney's and experts sifting through the financial mess left behind by Minnesota's largest financial fraud case have collected nearly $70 million for their work and the tab is still growing, the Star Tribune reported in August.

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Petters partner recounts 14 years of fake business deals

Deanna Coleman provided more details about Tom Petters' $3.5 billion Ponzi scheme during her testimony in a bankruptcy court hearing. Coleman took part in the fraud before eventually reporting it to authorities.

Petters to request U.S. Supreme Court to review his case

The full Eighth Circuit Court of Appeals is denying convicted Minnesota businessman Tom Petters' request to re-hear his appeal. The Pioneer Press reports Petters will now ask the U.S. Supreme Court to review his case. He was found guilty in 2009 for orchestrating a $3.5 billion Ponzi scheme. The 54-year-old is currently serving a 50-year sentence at a federal penitentiary in Kansas.

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A federal appeals court has ruled that Minnesota businessman Tom Petters received a fair trial. He was convicted and sentenced to 50 years in prison for orchestrating a multi-billion-dollar Ponzi scheme.

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The Minnesota businessman had asked the nation's highest court to review his case. Petters was convicted on charges of orchestrating a $3.65 billion Ponzi scheme and is serving a 50-year prison sentence. His attorneys argued that the trial judge barred them from presenting evidence.

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The bankruptcy estate of former Minnesota businessman Tom Petters will receive nearly $34 million. A U.S. District Judge approved three “clawback” settlements with GE Capital, Fredrikson & Byron, and the John T. Petters Foundation. Petters is currently serving a 50-year prison sentence for his fraud conviction.

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