The Minnesota business conglomerate that includes Polaroid Corp. among its many holdings was raided by the FBI last week, and federal agents in their search warrant alleged that the corporation’s CEO is “the key figure in a high-stakes fraud scheme.”
Petters Group Worldwide, which bought Polaroid Holding Company in 2005, had its Minnetonka, Minn., headquarters raided last Wednesday, the Minneapolis Star Tribune reported.
Polaroid Corp. declared bankruptcy in 2001, and had its assets acquired by an equity partnership that was later sold to Petters. The Polaroid brand name has subsequently been licensed out to other companies.
According to the AP, the company says the investigation relates to “one financial entity” within Petters, which is not Polaroid. Petters’ other holdings include Sun Country Airlines, uBid and Petters Warehouse Direct.