Tom Petters case

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.

Preliminary order for forfeiture (3/26/10)

Preliminary order for forfeiture (9/1/10)

Preliminary order for forfeiture (9/9/10)

Preliminary order for forfeiture (9/13/10)

Second preliminary order for forfeiture (10/15/10)

Second preliminary order for forfeiture (1/6/11)

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.

Remissions regulations

Overview of remissions process

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.

Sentencing

Tom Petters sentenced to 50 years in federal prison for orchestrating a $3.7 billion Ponzi scheme.
April 8, 2010
Details

Click here to read full case summary

8th Circuit Court of Appeals Briefs

Affirmation of Conviction and Sentence

Petters Appellant Brief

Appellees Brief

Reynolds Appellant Brief

PCI/PGW Plea Hearing

A plea hearing for Petters Company, Inc. (PCI) and Petters Group Worldwide (PGW) will be scheduled following bankruptcy court approval.

PCI Plea agreement

PGW Plea agreement

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.

Coordination Agreement

Tom Petters Sentencing Documents

The government's sentencing position brief

The defense's sentencing position brief

The defense's response to the government's sentencing position

The government's response to the defense's response

Related cases

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
Details

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
Details

Information

Plea agreement

Three Florida men were indicted for fraudulently marketing a hedge fund’s investments in Petters Company, Inc.
April 20, 2011
Details

Indictment

Two Florida hedge fund managers plead guilty to fraudulently marketing a hedge fund’s investments in Petters Company, Inc.
April 21, 2011
Details

More federal charges filed against Frank Vennes in Petters' Ponzi scheme; another hedge fund manager also indicted
July 19, 2011
Details

Co-defendants' Sentencings

Deanna Coleman sentenced for her role in the Tom Petters Ponzi scheme.
September 2, 2010
Details

Coleman's sentencing position brief

The government's sentencing position brief for Coleman

Michael Catain Sentenced for His Role in the Petters’ $3.7 Billion Ponzi Scheme.
September 13, 2010
Details

Catain's sentencing position brief

The goverment's sentencing position brief for Catain

Larry Reynolds sentenced for his role in Petters’ $3.7 billion Ponzi scheme.
September 14, 2010
Details

Reynolds's sentencing position brief

The government's sentencing position brief for Reynolds

Robert White Sentenced for Role in Petters’ $3.7 Billion Ponzi Scheme.
September 15, 2010
Details

White's sentencing position brief

The government's sentencing position brief for White

Illinois man sentenced for wire fraud in connection with Petters investments.
September 30, 2010
Details

Bell's sentencing position brief

The government's sentencing position brief for Bell

Illinois accountant sentenced for conspiring to commit wire fraud in connection with Petters case.
October 1, 2010
Details

Petters’ accountant sentenced for tax evasion.
October 18, 2010
Details

Wehmhoff's sentencing position brief

The government's sentencing position brief for Wehmhoff

Restitution

Click to read the June 3, 2010, order.

Click here to read the restitution scheduling order (April 8, 2010) .

Click here to read the May 27, 2010 restitution order.

Click here to read the government's memorandum regarding restitution.

Click here to read the government's preliminary proposed restitution order and Exhibit A.

Click here to read the government's final proposed restitution order.

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.

List of victim rights