"A federal judge… sentenced a Minnesota man to 50 years in prison for carrying out a 16-year Ponzi scheme that netted an estimated $3.7 billion.
Thomas Joseph Petters of Wayzata, Minn., was convicted of multiple counts of mail fraud, wire fraud, and money laundering after a month-long trial in December.
Petters and a close circle of associates created the illusion of a successful company selling bulk electronic goods to big-box retailers like Costco and Sam’s Club. Federal authorities say it was all a facade. The group printed up false invoices and bank records showing Petters’ company was owed billions of dollars from retailers."
Minn. man sentenced to 50 years for $3.7 billion Ponzi scheme at Christian Science Monitor>>
But he has a tumor! From MinnPost>>
And his company bought struggling Polaroid. Now Polaroid’s got to sell off their art collection – from The New York Times>>
For legal junkies, here’s lots of info, from the U.S. Department of Justice>>