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| Petters Admitted Deals Were Criminal |
| By bloomberg.com |
| Published: 10/29/2009 |
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Oct. 29 (Bloomberg) -- Petters Group Worldwide LLC founder Thomas Petters, charged with overseeing a $3.5 billion Ponzi scheme, admitted he knew his phony deals over electronic equipment amounted to a crime, a prosecutor said. Petters, 52, duped hedge funds into funding fictitious shipments of TVs and DVD players for more than a decade, Assistant U.S. Attorney Joe Dixon told jurors in opening statements of Petters’s fraud trial yesterday. Federal agents arrested Petters after one of the executive’s subordinates alerted them to the scheme, Dixon added. “This is one big f---ing fraud,” Petters acknowledged in a tape-recorded conversation played for jurors in federal court in St. Paul, Minnesota. Petters, whose bankrupt business empire once included Sun Country Airlines Inc. and Polaroid Corp., pleaded not guilty to a 20-count indictment accusing him of mail and wire fraud, money laundering and conspiracy. Prosecutors expect to call Deanna Coleman, Petters’s longtime assistant, to testify against her former boss. Coleman tipped off investigators about the 13-year scheme and later pleaded guilty to criminal charges. Read More. |
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