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Twin Cities restaurateur files Chapter 7 bankruptcy

Champps and Redstone American Grill founder Dean Vlahos told the Star Tribune he lost $26 million as a result of his onetime pal Tom Petters' $3.65 billion Ponzi scheme. He's now looking to escape nearly $12 million in debt.
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Champps and Redstone American Grill founder Dean Vlahos told the Star Tribune he lost $26 million as a result of his onetime pal Tom Petters' $3.65 billion Ponzi scheme. He's now looking to escape nearly $12 million in debt.

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Feds to seize Twin Cities home tied to Petters' Ponzi scheme

The U.S. Attorney's Office was given the go-ahead Wednesday by a federal judge to seize a Minnetrista home that was purchased with proceeds from the Tom Petters' Ponzi scheme. The house until recently was occupied by Allen Munson, the ex-husband of former Petters' associate, Deanna Coleman.

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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 receiver in the Tom Petters 'clawback' effort filed a lawsuit to recover a $2 million donation to the College of St. Benedict. The imprisoned businessman donated to the school starting in 2003. A court convicted Petters in 2009 of running a multi-billion dollar Ponzi scheme. College officials say the money was already spent on renovation and construction projects.

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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.

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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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Petters continues to argue his Sixth Amendment rights were violated because he wasn't allowed to fully question certain witnesses. The full 8th Circuit Court of Appeals denied the former Minnesota businessman's request last year. Petters is serving a 50 year sentence for orchestrating a $3.65 billion Ponzi scheme. He was convicted in 2009.

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