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Petters indicted on charges of conspiracy, fraud

The new charges replace a criminal complaint filed last month by the U.S. attorney's office. Petters has said that he plans to fight the accusations.
By JENNIFER BJORHUS, Star Tribune
Last update: December 1, 2008 - 3:22 PM




A federal grand jury in St. Paul handed up an indictment today charging Minnesota businessman Tom Petters with two counts of conspiracy and 18 counts of mail fraud and money laundering related to an alleged scheme that bilked investors, including charities, out of more than $3 billion.
The slate of new charges replaces a criminal complaint filed last month by the U.S. Attorney's Office in Minnesota, which had charged Petters with wire and mail fraud, money laundering and obstruction of justice. Petters has said that he plans to fight government accusations that he engineered an enormous fraud scheme that ran from 1995 until September of this year.
The 13-page indictment names Petters and his two key companies: Petters Group Worldwide, the main holding company in Minnetonka, and Petters Company Inc., the smaller investment arm central to the fraud allegations, which operated out of the same building. The indictment says Petters used these companies, their affiliates and subsidiaries to execute the fraud.
Petters and companies were named together in 12 of the 20 counts; Petters alone was named in eight money laundering charges. The indictment also indicates that the government intends to seek forfeiture of Petters' assets.
Petters has been jailed without bond since authorities arrested him at his Wayzata home Oct. 3.
Jennifer Bjorhus • 612-673-468

 

Thanks much

 

They are still flying aren't they, I saw one of their planes in Tampa last week ?

Any updates...service, pilot group, etc.

Thx,

FF

 

How are things at Sun Country?

Is Tom Petters still in the slammer?

 

The trial is big news back home. if it wasn't for madoff it was supposedly the biggest ponzi scheme in history. thats what the prosecutor said anyway.

 

Thought this sounded familiar!!!!

LOOK AT THE DATE ON THE ARTICLE NOTED: October 6, 2008!

Best of luck to the Sun Country folks. You deserve much better!

 

I wonder if this will make NATIONAL news, like WE PILOS DO...Sc**Bag!!! I like to see the TALKING HEADS get all wrapped up on this like the do with pilots!!