There is no easy way to say it. Local golden boy Tom Petters is in a lot of trouble. Every day we get up there is another headling indicating that Petters Group was nothing more than a Ponzi scheme.
A federal judge today determined that Petters has the resources and ability to leave the country with or without a passport, and has subsequently not allowed to leave Sherburne County jail, located in Elk River. Judge Keyes, preciding over the hearing, decided that Petters could not be allowed to be remanded to his home in Wayzata with or without a monitoring device on his ankle.
According to several media outlets, Magistrate Jeffrey Keyes cited a taped conversation with Petters and Robert White that occurred on October 1, a couple of days before his arrest. Apparently Petters planned to use White’s boat to escape, and planned on taking his girlfriend and children with him.
For the natural progression of the Petters story, follow this link: