Tag: Tom Petters

According to a Star Tribune story today, Tom Petters preference for his life is he would “just rather gamble, drink and die.” Apparently he owes casinos over $10 Million, according to sources at the Nevada Gaming Commission.

For all the latest info on Tom Petters, stay tuned to Wayzata.com.

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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:

http://www.wayzata.com/search?q=petters

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Sun Country Airlines has filed for Chapter 11 bankruptcy after it ran into a cash crunch following Tom Petters FBI raid on his business headquarters and home and the subsequent arrest for fraud allegations involving his companies. This according to an article published by the Wall Street Journal early this evening.

Petters is the founder of The Petters Group, which owns and operates Polaroid, Fingerhut, Sun Country and other businesses. His is charged with mail and wire fraud, money laundering and obstructing justice in a huge fall from grace for the local prominent businessman. His home is in Wayzata on Bushaway Road overlooking Wayzata Bay and by the Gray’s Bay Bridge.

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Multiple sources indicate that Tom Petters was arrested at his Wayzata home today on charges of mail fraud, money laundering, and obstruction of justice. These reports indicate he will be jailed because he was a serious flight risk and planned to leave the country.

1. The New York Times – Minnesota Executive Is Held on Federal Fraud Charges
2. Wall Street Journal – Petters Arrested on Charges of Mail Fraud, Money Laundering
3. Forbes – Petters Group CEO arrested in fraud investigation
4. Star Tribune – Petters jailed; court papers say he planned to flee the country
5. Pioneer Press – Report: Tom Petters arrested

and many more. So much for fighting those charges from the comfort of Bushaway Road overlooking Wayzata Bay. Image courtesy Miami of Ohio.

Wayzata.com is your rich executive charged with fraud leaving the country leader.

What a change a week can bring about. Tom Petters has been a private company darling in Minnesota, buying out Fingerhut, Polaroid, and Sun Country Airlines. Then in the middle of last week, Federal Agents raided his corporate headquarters in Minnetonka, and removed his computer from his personal residence in Wayzata.

Days later, a search warrant is unsealed revealing Petters in under investigation for potentially $100 Million worth of fraudulent investment activity. The news came out yesterday that Petters will be stepping down from his companies, and that a company has been hired to assemble an interim management solution.

Wayzata.com will keep you up to date on all the latest Tom Petters information.
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