Wednesday, November 9, 2022

BMO books $1.12b charge

Thomas Petters, 64, was found guilty in 2009 of orchestrating a $3.65 billion Ponzi scheme. He bilked investors across 26 countries. Petters is currently serving a 50 year prison sentence at Leavenworth. His bank account balance averages around $100 a month. He lives with a roommate in Cellblock C-1. Receivers fought to recover over $722m. One of the last cases was against the Bank of Montreal.
The lawsuit sought to recoup nearly $2b based on cash Petters transferred from an account at Marshall & Ilsley Bank, which BMO bought in 2011. The jury ruled the BMO unit "aided and abetted" Petters in the breach of fiduciary duty to his firm, Petters Company Inc. (PCI)

Petters Group Worldwide, owned brands like Polaroid and Fingerhut, as well as a controlling share of Sun Country Airlines. Those legitimate businesses were propped up entirely by a massive Ponzi scheme. “He has no empathy or care for how his decisions impact other individuals. Tom Petters is about as narcissistic as they come.” said one U.S. Attorney.

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