The guilty pleas are part of an agreement reached last month between the U.S. Attorney's Office and Tom Petters' court-appointed receiver and bankruptcy trustee, Doug Kelley.
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About 70 letters requesting amounts of up to $2 million were reportedly sent out to former employees of Petters Group Worldwide; the money will be used to help repay investors who lost money in Tom Petters' multi-billion-dollar fraud scheme.
Robert White, a consultant who helped Tom Petters forge financial documents, had requested a lighter sentence for his cooperation with authorities and his role in bringing down Petters' fraud scheme.
Larry Reynolds, the third Tom Petters co-conspirator to be sentenced this month, received 10 years and 10 months in prison after pleading guilty to money laundering conspiracy.
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Larry Reynolds, the third Tom Petters co-conspirator to be sentenced this month, received 10 years and 10 months in prison after pleading guilty to money laundering conspiracy.
Corey Johnston, who admitted to over-selling participations in loans, faces a maximum of 33 years in prison for the two charges against him.
Hecker's attorney, Brian Toder, confirmed Tuesday that the fallen auto mogul will plead guilty to one count of bankruptcy fraud and one count related to conspiracy.
Prosecutors accuse Hecker of committing additional crimes since being indicted-grounds for sending him to jail while he awaits his trial.
Deanna Coleman, who faced a maximum of five years in prison for her involvement in Tom Petters' Ponzi scheme, has been sentenced to just one year-a light sentence that awarded Coleman for her crucial role in bringing the fraud scheme to an end.
Faegre & Benson names Andrew Humphrey its new managing partner.
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Trustee Doug Kelley is tasked with recovering funds for victims of Tom Petters' Ponzi scheme-and to do so, he has filed some 200 "clawback" lawsuits. In the process of tracking down assets, he's established a business machine that has generated more than $50 million in fees.
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