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- Petters_Group_Worldwide abstract "Petters Group Worldwide was a diversified company based in Minnetonka, Minnesota that was turned into a $3.65 billion Ponzi scheme by its founder and CEO, Tom Petters. It had 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20, with offices in North America, South America, Asia, and Europe. Among its assets were Sun Country Airlines, Petters Warehouse Direct, and the remnants of Polaroid. Petters Group Worldwide had $2.3 billion in revenue in 2007.On September 24, 2008, its headquarters and the homes of its top executives and some associated businesses were raided by the FBI. Wiretaps based on information gleaned from a confidential co-conspirator are alleged to detail the existence of a $2 billion investment fraud. The allegations include creating phony purchase orders from Sam's Club and BJ's to create the appearance of tremendous sales of merchandise. CEO Tom Petters is the central figure in the investigation. A federal court appointed Doug Kelley, a lawyer, as receiver for the Petters companies, excluding bankrupt Sun Country.On October 13, 2008, Petters Group Worldwide filed for Chapter 11 bankruptcy.On December 2, 2009, Tom Petters was convicted on all counts related to this Ponzi scheme.On April 8, 2010, Thomas J. Petters was sentenced to 50 years in federal prison for all counts related to running the Ponzi Scheme.In early November 2010, the Hennepin County attorney's office filed drug possession charges against former Petters Group General Counsel David Baer, based on a safe full of illegal drugs under his office desk allegedly found by federal agents during the Sept. 24, 2008 raid. Baer subsequently received three years criminal probation for three felony drug convictions. He also received three years probation from the Minnesota Supreme Court pursuant to a complaint from the Office of Lawyers Professional Responsibility.".
- Petters_Group_Worldwide wikiPageID "19491681".
- Petters_Group_Worldwide wikiPageLength "4474".
- Petters_Group_Worldwide wikiPageOutDegree "20".
- Petters_Group_Worldwide wikiPageRevisionID "612000062".
- Petters_Group_Worldwide wikiPageWikiLink BJs_Wholesale_Club.
- Petters_Group_Worldwide wikiPageWikiLink Category:2008_in_economics.
- Petters_Group_Worldwide wikiPageWikiLink Category:Companies_based_in_Minnetonka,_Minnesota.
- Petters_Group_Worldwide wikiPageWikiLink Category:Companies_that_have_filed_for_Chapter_11_bankruptcy.
- Petters_Group_Worldwide wikiPageWikiLink Category:Corporate_scandals.
- Petters_Group_Worldwide wikiPageWikiLink Category:Criminal_investigation.
- Petters_Group_Worldwide wikiPageWikiLink Category:Great_Recession.
- Petters_Group_Worldwide wikiPageWikiLink Category:Pyramid_and_Ponzi_schemes.
- Petters_Group_Worldwide wikiPageWikiLink Chapter_11,_Title_11,_United_States_Code.
- Petters_Group_Worldwide wikiPageWikiLink Conspiracy_(criminal).
- Petters_Group_Worldwide wikiPageWikiLink Federal_Bureau_of_Investigation.
- Petters_Group_Worldwide wikiPageWikiLink Minnetonka,_Minnesota.
- Petters_Group_Worldwide wikiPageWikiLink Petters_Warehouse_Direct.
- Petters_Group_Worldwide wikiPageWikiLink Polaroid_Corporation.
- Petters_Group_Worldwide wikiPageWikiLink Ponzi_scheme.
- Petters_Group_Worldwide wikiPageWikiLink Sams_Club.
- Petters_Group_Worldwide wikiPageWikiLink Sun_Country_Airlines.
- Petters_Group_Worldwide wikiPageWikiLink Telephone_tapping.
- Petters_Group_Worldwide wikiPageWikiLink Tom_Petters.
- Petters_Group_Worldwide wikiPageWikiLinkText "Petters Group Worldwide".
- Petters_Group_Worldwide wikiPageWikiLinkText "Petters Media and Marketing Group".
- Petters_Group_Worldwide wikiPageUsesTemplate Template:2008_economic_crisis.
- Petters_Group_Worldwide wikiPageUsesTemplate Template:Reflist.
- Petters_Group_Worldwide wikiPageUsesTemplate Template:Scams_and_confidence_tricks.
- Petters_Group_Worldwide subject Category:2008_in_economics.
- Petters_Group_Worldwide subject Category:Companies_based_in_Minnetonka,_Minnesota.
- Petters_Group_Worldwide subject Category:Companies_that_have_filed_for_Chapter_11_bankruptcy.
- Petters_Group_Worldwide subject Category:Corporate_scandals.
- Petters_Group_Worldwide subject Category:Criminal_investigation.
- Petters_Group_Worldwide subject Category:Great_Recession.
- Petters_Group_Worldwide subject Category:Pyramid_and_Ponzi_schemes.
- Petters_Group_Worldwide hypernym Company.
- Petters_Group_Worldwide type Company.
- Petters_Group_Worldwide type Event.
- Petters_Group_Worldwide type Company.
- Petters_Group_Worldwide type Crisis.
- Petters_Group_Worldwide type Event.
- Petters_Group_Worldwide type Technique.
- Petters_Group_Worldwide comment "Petters Group Worldwide was a diversified company based in Minnetonka, Minnesota that was turned into a $3.65 billion Ponzi scheme by its founder and CEO, Tom Petters. It had 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20, with offices in North America, South America, Asia, and Europe. Among its assets were Sun Country Airlines, Petters Warehouse Direct, and the remnants of Polaroid.".
- Petters_Group_Worldwide label "Petters Group Worldwide".
- Petters_Group_Worldwide sameAs Q7179324.
- Petters_Group_Worldwide sameAs Petters_Group_Worldwide.
- Petters_Group_Worldwide sameAs m.026w79n.
- Petters_Group_Worldwide sameAs Q7179324.
- Petters_Group_Worldwide wasDerivedFrom Petters_Group_Worldwide?oldid=612000062.
- Petters_Group_Worldwide isPrimaryTopicOf Petters_Group_Worldwide.