Judge on Petters: ‘One of the Greatest Frauds in American History’
The judge overseeing the Petters case had some words for the former CEO:
"He had control of billions of dollars. He was involved with hugely complex business deals. He was accustomed to making grandiose schemes work," U.S. Magistrate Judge Jeffrey Keyes said in a ruling he read from the bench.
"He’s facing a very, very long prison sentence — perhaps for the rest of his life. This is one of the greatest frauds in American history," Keyes continued in his packed St. Paul courtroom.
"He has the personality to pull off a flight caper."
With that, the judge denied Petters bail.
In related news, the umbrella organization Petters Group Worldwide and its Petters Co. Inc. venture capital unit have sought Chapter 11 protection.
And, not surprisingly, a number of Minnesota politicians are scrambling to give back the now-tainted campaign contributions made by Petters.
Randy commented:
Just a quick reply to the comment, no one should be buying a
Polaroid/Element/Insignia tv, they are horrible, and break down
more then anyone else. And yes, I heard Insignia is made by
Polaroid as well, and they look exactly the same.
Randy commented:
pdindy commented:
With all the talk of Polaroid, which was a successful relaunch of
that brand, a lesser known brand supported directly by Petters is
Element, currently being sold at Circuit and Sears. What becomes of
that brand and business with the demise of Petters, and should
consumers be concerned about purchasing either brand in fear of not
getting future customer warranty support?
pdindy commented:
