Petters case continues to pay off for attorneys - Bring Me The News

Petters case continues to pay off for attorneys

Attorneys and other professionals sorting through the mess left by the collapse of the largest financial fraud in Minnesota history have collected nearly $70 million for their work, and the tab is still growing, the Star Tribune reported Monday morning.
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Attorneys and other professionals sorting through the mess left by the collapse of the largest financial fraud in Minnesota history have collected nearly $70 million for their work, and the tab is still growing, the Star Tribune reported Monday morning.

There have been regular updates to the Petters case since he was officially sentenced four years ago. One of the most revealing reports came earlier this Spring with an extensive profile of Petters from Dale Kurschner of Twin Cities Business.

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Judge OKs three clawback settlements in Petters case

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.

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.

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.