Thomas Petters Prepares To Face The Music: A Double Madoff?
Thomas Petters, the embattled formerly successful entrepreneur and hedge fund manager of Petters Group Worldwide 
LLC is facing a long prison sentence. 335 years (more than twice the term give to Bernard Madoff). Petters was convicted of on different 20 criminal counts including wire fraud, mail fraud and money laundering and obstructing justice. Here is a video from the Minnesota local news (where Petters was based and was convicted) discussing his conviction:
The Petters Group owned Polaroid, an interest in Sun Country Airlines and at its peak employed over 3,200
employees. The whole thing was a $3.5 billion Ponzi scheme. Here’s a great old video for Polaroid commercial with James Garner (I’m sure he would be very proud of Mr. Petters…):
“The defendant’s fraud is beyond comprehension,” prosecutors said in a court filing. “A life sentence is wholly deserved and justified given the defendant’s corrupting influence on individuals and institutions, and his strident refusal to accept any responsibility.”
Here is a video where Petters discussed the importance of maintaining core values in corporate America:
Perhaps these were the kind of core values Petters was talking about:
Petters’ lawyers said their client should be sent to the Federal Medical Center in Rochester, Minnesota, because of hi
s health and because the national notoriety of his case would make him a “marked man” in prison. He has a pituitary adenoma (or tumor) and faces the risk of blindness and paralysis. Sentencing is scheduled for April 8. Stay tuned to see if the judge sends a message or takes sympathy….
