Petters Indicted in Electronics-Fraud Scheme

Petters Indicted in Electronics-Fraud Scheme

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A prominent businessman in the Minneapolis-St. Paul area – one who got his start selling electronics and whose holding company now owns the Polaroid brand- was indicted Monday on multiple federal charges, adding to additional crimes with which he had earlier been charged.

Thomas Petters, founder of Petters Group Worldwide prior to his resignation in October, has now been indicted on 20 separate counts of wire fraud, mail fraud, conspiracy and money laundering, the Star Tribune reported.

Petters will plead not guilty, and is scheduled to stand trial early next year.

Prosecutors say Petters, over a period of 13 years, orchestrated a $3.5 billion Ponzi scheme in which he bilked investors, claiming in one itineration that their investments were being used to purchase “high end electronics merchandise,” which would be sold through big box retailers. No such merchandise actually existed.

Petters Group Worldwide purchased the Polaroid brand in 2005.

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