Posts Tagged ‘Tom Petters
Petters Gets 50 Years for $3.65B Fraud
The implosion of Minnesota businessman Tom Petters’ corporate empire which defrauded investors of $3.65 billion involving not just hedge funds, but at least 10 pastors, three missionaries, dozens of retirees and a half-dozen nursing home residents, according to federal court filings cited in the New York Times. Prosecutors are arguing that the Ponzi scheme is [...]
Bipartisan Bill Proposes Tax Breaks for Ponzi Victims
A bipartisan bill introduced in the U.S. Senate by Senators Charles E. Schumer, Democrat of New York, and Jon Kyl, Republican of Arizona on March 22 proposes to extend tax breaks to the tens of thousands of Ponzi scheme victims. In contrast to previous proposed legislation which focused exclusively on those who made direct investments [...]
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