Forbes reports that Tom Petters, the founder of Petters Group Worldwide, was arrested on Friday for charges related to money laundering, fraud, and other charges. Federal agents searched the company’s headquarters last week with a warrant alleging that Petters was involved in a scheme to defraud investors of as much as $100 million.
Along with 51 yr old Petters, sixty-seven yr old Larry Reynolds was also charged with him. Jon Hopeman, Tom Petter’s attorney, hopes that his name will soon be cleared of all charges.
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