Thomas J. Petters and several co-conspirators were convicted in federal court of mail fraud, wire farud, money laundering and conspiracy in connection with their operation of a multi-billion-dollar Ponzi scheme. The United States Attorney's Office for the District of Minnesota has recovered some of the proceeds of the fraud through civil and criminal forfeiture proceedings. The forfeited funds will be returned to the victims through a process called "remission," which is authorized by federal law, including Title 28, Code of Federal Regulations, Part 9.
Persons who lost money as a result of the Petters fraud may be eligible to participate in the remission. To be considered for remission, you must complete a petition form and submit it to the Petters Remission Administrator. For more information about how to submit a petition, please contact the Petters Remission Administrator as follows:
* Visit the remission website at http://www.pettersremission.com/
* Mail to Petters Remission Administrator, P.O. Box 2660, Faribault, MN 55021-9660
* Call the toll-free number 1-888-764-7517 Monday-Friday 8 a.m. to 5 p.m. (CST)
* Email your inquiry to email@example.com
Victim Remission Notice
The U.S. Department of Justice is committed to compensating victims who lost money in connection with the fraud scheme committed by Thomas Petters. The United States is still in the process of identifying and forfeiting the assets of Thomas Petters, and other individuals convicted in connection with the Petters’ fraud scheme. The government has commenced forfeiture proceedings in federal court which are currently ongoing. The government has obtained preliminary orders of forfeiture as to each of the defendants convicted in the Petters fraud case.
Once the legal process is completed, the United States intends to return the proceeds of the forfeited assets to fraud victims through the forfeiture remission process. Through the remissions process, the Department of Justice has the legal authority to return the proceeds of forfeited assets to crime victims. The specific procedure governing the remissions process is laid out in federal regulations at 28 C.F.R. Part 9.
The U.S. Attorney’s Office for the District of Minnesota is currently working with the U.S. Department of Justice to set up the procedure that will be used for the remissions process in this case. In light of the complexity of this case, the existence of parallel and overlapping bankruptcy proceedings concerning Petters’ businesses, and the large number of victims affected by the Petters fraud, the United States expects that the remissions process may not be completed for approximately one year.
The United States will be posting further information on this website regarding the remissions process, including details regarding the timing and procedure for the submission of petitions for remission by fraud victims. Direct notice will be provided about the remissions process to all individuals and business entities who received notice of the restitution process in the criminal case involving Thomas Petters.
Tom Petters sentenced to 50 years in federal prison for orchestrating a $3.7 billion Ponzi scheme.
April 8, 2010
8th Circuit Court of Appeals Briefs
PCI/PGW Plea Hearing
A plea hearing for Petters Company, Inc. (PCI) and Petters Group Worldwide (PGW) will be scheduled following bankruptcy court approval.
The U.S. Attorney’s Office has reached an agreement with the court-appointed receiver and bankruptcy trustee in the Petters’s fraud case that will streamline efforts to untangle the Petters empire and maximize the money recovered for the victims and the creditors of Petters’s billion-dollar Ponzi scheme. The agreement was approved in both U.S. District and U.S. Bankruptcy court.
Tom Petters Sentencing Documents
Frank Elroy Vennes, Jr. was sentenced to 180 months in prison in connection with fraudulently raising money from individuals and through hedge funds for investment in Petters Company, Inc. (“PCI”). Vennes was a long-time associate of Thomas J. Petters, the Minnseota businessman who was convicted in 2009 of orchestrating a $3.65 billion Ponzi scheme. United States District Court Judge Richard H. Kyle sentenced Vennes, age 56, of Stuart, Florida, on one count of securities fraud and one count of money laundering.
October 18, 2013
A jury found a hedge fund manager from Mound guilty of fraudulently raising money from individuals and through mutual funds for investment in Petters Company, Inc. (“PCI”). After a four-week trial, the jury convicted James Nathan Fry, age 59, on five counts of securities fraud, four counts of wire fraud, and three counts of making false statements to the United States Securities and Exchange Commission (“SEC”).
June 12, 2013
A business associate of Thomas J. Petters, the Minnesota businessman convicted in 2009 of orchestrating a $3.65 billion Ponzi scheme, pleaded guilty to fraudulently raising money from individuals and through hedge funds for investment in Petters Company, Inc. (“PCI”). Frank Elroy Vennes, Jr., age 55, of Stuart, Florida, was charged on July 11, 2011, in a Second Superseding Indictment. Appearing today before United States District Court Judge Richard H. Kyle, he specifically pleaded guilty to one count of securities fraud and one count of money laundering.
February 1, 2013
A superseding indictment was filed against Frank Elroy Vennes, Jr., a business associate of and primary fundraiser for Thomas J. Petters, the Minnesota business man who was convicted in 2009 of orchestrating a multi-billion dollar Ponzi scheme.
July 19, 2011
An Edina woman pleaded guilty to providing false information to investors and making false statements to the U.S. Securities and Exchange Commission regarding a hedge fund that invested primarily in promissory notes from Petters Company, Inc.
April 8, 2011
Three Florida men were indicted for fraudulently marketing a hedge fund’s investments in Petters Company, Inc.
April 20, 2011
Two Florida hedge fund managers plead guilty to fraudulently marketing a hedge fund’s investments in Petters Company, Inc.
April 21, 2011
More federal charges filed against Frank Vennes in Petters' Ponzi scheme; another hedge fund manager also indicted
July 19, 2011
Deanna Coleman sentenced for her role in the Tom Petters Ponzi scheme.
September 2, 2010
Michael Catain Sentenced for His Role in the Petters’ $3.7 Billion Ponzi Scheme.
September 13, 2010
Larry Reynolds sentenced for his role in Petters’ $3.7 billion Ponzi scheme.
September 14, 2010
Robert White Sentenced for Role in Petters’ $3.7 Billion Ponzi Scheme.
September 15, 2010
Illinois man sentenced for wire fraud in connection with Petters investments.
September 30, 2010
Illinois accountant sentenced for conspiring to commit wire fraud in connection with Petters case.
October 1, 2010
Petters’ accountant sentenced for tax evasion.
October 18, 2010
Victim Impact Statement
If you believe you are a victim of the Tom Petters scheme, please print out the victim impact statement, fill it out and return it to the address on the form.
- Tom Petters Indictment
- Tom Petters Verdict
- Tom Petters Civil Complaint
- Deanna Coleman Information
- Deanna Coleman Plea Agreement
- Robert White Information
- Robert White Plea Agreement
- Michael Catain Information
- Michael Catain Plea Agreement
- Larry Reynolds Information
- Larry Reynolds Plea Agreement
- James Wehmhoff Information
- James Wehmhoff Plea Agreement
- Greg Bell Information
- Greg Bell Plea Agreement
- Harold Katz Information
- Harold Katz Plea Agreement
- U.S. Attorney's Office pretrial brief
- Scheduling order on the related defendant cases
- Frank Vennes Plea Agreement
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