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.
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.
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.
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.
Can he get his 50 year sentences reduced? Dave finds out.
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.
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.
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.
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.
A former associate of convicted Minnesota businessman Tom Petters has pleaded guilty to lying to investors in a $3.65 billion Ponzi scheme.
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.
The former associate of disgraced Minnesota businessman Tom Petters now faces additional federal charges in connection with Petter’s $3.65 billion Ponzi scheme.
A jury found four three men guilty Tuesday in a $194 million Ponzi scheme that victimized more than 700 people.
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.
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.
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.
It has been more than two years since Tom Petters was found guilty of running a $3.5 billion Ponzi scheme.
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.
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.
When you hear “Ponzi scheme,” you think Bernie Madoff, Tom Petters, but perhaps not Social Security.
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.
A Plymouth man has pleaded guilty to persuading others to invest in a multi-million-dollar Ponzi scheme orchestrated by Trevor Cook.
A Plymouth man is charged with persuading others to invest in a multi-million-dollar Ponzi scheme orchestrated by Trevor Cook.
Two Florida hedge fund managers have pleaded guilty to lying to investors about investments in convicted Minnesota businessman Tom Petters’ former company.
A 43-year-old Edina woman has pleaded guilty for her role in the $3.7 billion Ponzi scheme allegedly led by Tom Petters.