Wayzata Resident Tom Petters to Step Down from Petters Group Amid Federal Probe

In a surprising turn of events, Wayzata resident Tom Petters, once hailed as a private company stalwart in Minnesota for his acquisitions of Fingerhut, Polaroid, and Sun Country Airlines, is set to step down from his corporate empire.

The upheaval began when Federal Agents executed a raid on Petters’ Minnetonka corporate headquarters last week, concurrently seizing his computer from his Petters’ Wayzata residence.

The unfolding saga reached a critical point as a recently unsealed search warrant disclosed that Petters is under investigation for potential involvement in fraudulent investment activities amounting to an estimated $100 million.

News broke yesterday that Petters will be relinquishing control of his companies, with plans underway to implement an interim management solution through the hiring of an external firm.