Ponzi Scheme

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Voigt Pleads Not Guilty In Alleged Ponzi Scheme

Former Minnesota Vikings tight end Stu Voigt has pleaded not guilty in an alleged Ponzi scheme. Voigt entered his plea Thursday after being indicted earlier in April on charges of conspiracy and fraud.

05/01/2015

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Fmr. Viking Accused Of Multi-Million Dollar Ponzi Scheme

Two Minnesota men, including a former Minnesota Vikings tight end, are charged with running a Ponzi scheme that defrauded investors out of millions of dollars. The U.S. Attorney’s office says 66-year-old Stu Voigt and 61-year-old Jeffery Gardner face several criminal charges in connection to a real estate scheme between 2005 and 2007.

04/15/2015

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Man Pleads Guilty To Stealing At Least $10M From Fmr. Clients

A Eden Prairie man plead guilty Wednesday to using his financial planning firm to operate a Ponzi scheme to fraudulently obtain millions of dollars from former clients, according to U.S. Attorney Andrew Luger. Sean Meadows, 41, plead guilty to three counts of mail fraud, seven counts of wire fraud and money laundering offenses.

12/11/2014

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St. Anthony Man Pleads Guilty In $19M Fraud Scheme

Federal prosecutors say a Minnesota man has pleaded guilty to defrauding investors of more than $19 million. Fifty-five-year-old Tyrone Herman of St. Anthony entered his plea Friday in U.S. District Court. According to court documents, Herman claimed he could purchase small appliances from manufacturers and wholesalers at below-retail market rates.

10/10/2014

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Final 3 Defendants Sentenced In Petters Scheme

The final three defendants have been sentenced in the $3.65 billion Ponzi scheme led by Minnesota businessman Tom Petters. U.S. District Judge Richard Kyle handed down a 7 ½-year sentence Friday to hedge fund manager Bruce Prevost for his role in misleading investors in Palm Beach Capital Management, a Florida hedge fund that put money into Petters’ scheme before it collapsed in 2008.

11/09/2013

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Petters Now Admitting Guilt, Begging For A Lesser Sentence

The man found guilty of orchestrating Minnesota’s largest Ponzi scheme finally admitted on Wednesday that he did it. Tom Petters was in U.S. District Court in St. Paul on Wednesday trying to get 20 years shaved off his prison sentence.

10/23/2013

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10-23-13 Tom Petters Hearing On The Morning News With Dave Lee

Can he get his 50 year sentences reduced? Dave finds out.

10/23/2013

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Petters Goes Back To Court To Seek Less Prison Time

Convicted Minnesota businessman Tom Petters returns to federal court this week to try to shorten his 50-year prison term. The attempt to get 20 years removed might be Petters’ last chance to go after a lighter sentence.

10/21/2013

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Petters Fundraiser Vennes Sentenced To 15 Years In Prison

Frank Elroy Vennes Jr. was sentenced to 180 months in prison on Friday, in connection with fraudulently raising money through hedge funds for investment in Petters Company. Vennes was a long-time associate of Thomas J. Petters, the Minnesota businessman convicted in 2009 of orchestrating a $3.65 billion Ponzi scheme.

10/18/2013

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Victims Still Feel Cheated As ‘Professional Manipulator’ Goes Back To Work

Despite owing his victims more than $1 million, a Twin Cities chiropractor twice convicted of fraud again has his license to practice. Fifteen years ago, Randy Miland served two years in prison for a Ponzi scheme. He later served another three years for a real estate investment scam. A judge ordered Miland to pay more than one-and-a-half million dollars in restitution. That hasn’t happened.

09/12/2013

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Former Christian Radio Host Sentenced For $194 Million Ponzi Scheme

The fourth man convicted in a $194 million Ponzi scheme – the second largest in Minnesota history – was sentenced Monday to 240 months in federal prison. According to the U.S. Attorney General’s office, 75-year-old Patrick Kiley of Burnsville was convicted last June of 12 counts of wire and mail fraud, one count of conspiracy to commit mail and wire fraud and two counts of money laundering. Kiley – along with ring leader Trevor Cook, Jason Bo-Alan Beckman, Gerald Joseph Durand and Christopher Pettengill – were all solely and jointly ordered to pay $155,359,411 in restitution to their victims.

07/15/2013

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Petters’ Associate Vennes Pleads Guilty

A former associate of convicted Minnesota businessman Tom Petters has pleaded guilty to lying to investors in a $3.65 billion Ponzi scheme.

02/01/2013

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Tom Petters’ Personal Collection Up For Auction

Step inside Luther Auctions in North St. Paul and you’ll find yourself in a world of greed and corruption. 86 items which were once the property of Tom Petters are on display.

10/12/2012

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4 More Charges For Petters Associate; Total Now 28

The former associate of disgraced Minnesota businessman Tom Petters now faces additional federal charges in connection with Petter’s $3.65 billion Ponzi scheme.

07/12/2012

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3 Convicted In Minnesota Ponzi Scheme

A jury found four three men guilty Tuesday in a $194 million Ponzi scheme that victimized more than 700 people.

06/12/2012

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US Supreme Court Won’t Review Petters’ Conviction

The U.S. Supreme Court says it won’t take up the case of Minnesota businessman Tom Petters. In documents made public Tuesday, the nation’s highest court denied Petters’ request to review his 2009 conviction on charges he orchestrated a $3.65 billion Ponzi scheme.

05/15/2012

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Petters Says He’s Innocent In Prison Interview

A Minnesota businessman convicted of engineering a $3.65 billion Ponzi scheme now lives in a two-person prison cell, awakened at 6 a.m. each day by clanging door locks.

04/18/2012

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Tom Petters Breaks His Silence

For the first time since he was sentenced to 50 years in prison for orchestrating a multi-billion dollar Ponzi scheme, Tom Petters is breaking his silence.

04/13/2012

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Should Charities Have To Return Money Donated By Petters?; Gov. To Decide

It has been more than two years since Tom Petters was found guilty of running a $3.5 billion Ponzi scheme.

04/02/2012

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Petters Asks Full 8th Circuit To Rehear Appeal

Attorneys for Minnesota businessman Tom Petters have asked the full Eighth Circuit Court of Appeals to rehear his appeal of his conviction of running a $3.7 billion Ponzi scheme.

12/23/2011

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Appeals Court Affirms Petters Conviction, Sentence

A federal appeals court Friday upheld the 2009 conviction and 50-year prison sentence of Minnesota businessman Tom Petters, who was found guilty of orchestrating a $3.7 billion Ponzi scheme.

12/09/2011

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Good Question: Is Social Security A Ponzi Scheme?

When you hear “Ponzi scheme,” you think Bernie Madoff, Tom Petters, but perhaps not Social Security.

09/08/2011

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Petters’ Associate Vennes Faces Additional Charges

A former associate of fallen Minnesota businessman Tom Petters faces new allegations of securities fraud, wire fraud and money laundering for his alleged role in a $3.65 billion Ponzi scheme, according to a superseding indictment filed Tuesday.

07/19/2011

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Plymouth Man Pleads Guilty In Cook Ponzi Scheme

A Plymouth man has pleaded guilty to persuading others to invest in a multi-million-dollar Ponzi scheme orchestrated by Trevor Cook.

06/21/2011

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Minn. Man Charged In Trevor Cook Ponzi Scheme

A Plymouth man is charged with persuading others to invest in a multi-million-dollar Ponzi scheme orchestrated by Trevor Cook.

06/13/2011

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