Tuesday, October 7, 2008

Update on the Tom Petters Case

The StarTribune reports that US District Judge Ann Montgomery appointed a receiver, Minneapolis attorney Doug Kelley, to oversee Petters Group Worldwide and related companies. One of the companies related to Petters Group Worldwide, Sun Country Airlines, filed for bankruptcy late Monday following the fraud charges brought against the parent company’s founder. The government believes that the alleged fraud scheme has defrauded investors in as much as $3 billion since 1995.

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