Petters’ Fall From Grace

It’s been a while since we last checked in on L’Affaire de Petters. Here’s what’s developed:

Petters girlfriend has given an interview wherein she laments his absence from her and their two children.

The AP has a long, must-read profile on the rise and fall of Tom Petters, which includes this nugget:

“Divorce documents show he was making about $30,000 a year in 1990. By the end of 2007, court documents put his personal assets at more than $1 billion.”

And this:

“Underneath the winning smile, federal authorities say, Petters was a con man who had been running a fraudulent scheme for at least 14 years. Experts say that is an incredible amount of time to conceal a scam”.

Petters downfall also appears to have catalyzed secondary lawsuits between banks and hedge funds.

Good times.