Tom Petters

For the management expert, see Tom Peters.
Tom Petters
Born (1957-07-11) July 11, 1957 (age 67)
St. Cloud, Minnesota, U.S.
Occupationformer CEO of Petters Group Worldwide
Criminal statusPrisoner #14170-041 in United States Penitentiary, Leavenworth
ChildrenOne daughter, three sons
Conviction(s)10 counts of wire fraud
3 counts of mail fraud
1 count of conspiracy to commit mail and wire fraud
1 count of conspiracy to commit money laundering
5 counts of money laundering[1]
Criminal penalty50 years in prison[2]

Thomas Joseph Petters is a former American businessman and chairman and CEO of Petters Group Worldwide, a company which stole over $2 billion in a Ponzi scheme. He was convicted of massive business fraud in 2009 and was imprisoned at the United States Penitentiary, Leavenworth.[3] Amid mounting criminal investigations, Petters resigned as his company's CEO on September 29, 2008.[4] He was convicted of numerous federal crimes for operating Petters Group Worldwide as a $3.65 billion Ponzi scheme[5] and received a 50-year federal sentence.

  1. ^ "Federal jury finds Tom Petters guilty of orchestrating $3.65 billion Ponzi scheme" (PDF) (Press release). United States Department of Justice. 2009-12-02. Retrieved 2010-09-14.
  2. ^ Censky, Annalyn (2010-04-08). "Tom Petters gets 50 years for Ponzi scheme". CNNMoney.com. Retrieved 2010-09-14.
  3. ^ Nicole Muehlhausen, BIO: Tom Petters, KSTP.com, September 24, 2008, Accessed October 8, 2008.
  4. ^ Tom Petters Resigns As Petters Group CEO Archived 2009-02-10 at the Wayback Machine, WCCO.com, September 29, 2008, Accessed October 8, 2008.
  5. ^ Hughes, Art (December 2, 2009). "UPDATE 2-Tom Petters found guilty of Ponzi scheme fraud". Reuters. Thomson Reuters. Retrieved December 10, 2009.