Sunday, November 2, 2008
Petters Denied Bond In Massive Investor Fraud Case
Thomas "Tom" J. Petters, well known Twin Cities businessman and philanthropist, was again denied bond this week in a case in which prosecutors accused him of engineering a massive Ponzi scheme involving more than 20 investors and as much as $3 billion. Petters, whose Petters Group Worldwide business interests include Polaroid, Sun Country Airlines and Fingerhut, was arrested October 3 and held without bond as prosecutors contended that he planned to flee the country. He is facing charges of mail and wire fraud, money laundering and obstruction of justice. Two other associates of Petters were arrested in the case, Michael Catain, 52, of Shorewood, Minnesota, and Larry Reynolds, 65, of Las Vegas, Nevada.