Ponzi Scheme

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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

(credit: Jupiter Images)

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

(credit: Hennepin County Jail)

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

(credit: Hennepin County Jail)

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

(credit: Sherburne County Jail)

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

(credit: Hennepin County Jail)

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

(credit: CBS)

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

Prison, Amy Senser

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

(credit: Jupiter Images)

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

(credit: Sherburne County Jail)

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

(credit: Jupiter Images)

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

(credit: Sherburne County Jail)

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

(credit: Sherburne County Jail)

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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