MINNEAPOLIS – The largest Ponzi scheme in Minnesota history came to a close. Judge Ann. Montgomery issued an order closing the receivership that led to the distribution of more than $722 million to victims. Meanwhile, high-wheeling and big-spending businessman Thomas Petters, age 64, is 12 years into a 50-year sentence for mail fraud, wire fraud, money laundering, and conspiracy. Petters Group Worldwide was a $3.6 billion Ponzi scheme. It had 3,200 employees and investments or full ownership in 60 companies. Among its assets: Sun Country Airlines, Fingerhut and remnants of Polaroid. Petters Group Worldwide had $2.3 billion in revenue in 2007. In 2008 the federal government froze all assets and began arrests.
Orange wardrobe. Petters convicted of massive business fraud in 2009.