Another Madoff Surfaces - Part 9

July 10. 2009

Thomas Petters

Another Madoff has surfaced once again. This time it is Thomas Petters, who defrauded investors out of $3.5 billion in one case and $2 billion in another. That is a lot of money. Clearly government/business regulation in the past administration was very poor, as it should not be this easy for so many people to get away with stealing billions of dollars from hardworking citizens and residents.

SEC charges hedge fund that invested $2B in Petters

The U.S. Securities and Exchange Commission (SEC) has charged an Illinois hedge fund and its manager with fraud, saying it participated in “sham transactions” meant to help cover up a Ponzi scheme allegedly orchestrated by Twin Cities businessman Tom Petters. The SEC also has formally charged Petters, former CEO of Petters Group Worldwide in Minnetonka, with fraud. Petters has already been indicted for bilking investors out of more than $3 billion...

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