Tom Petters – 3.5 billion not small change

109-1Tom Petters – 3.5 billion not small change

Generally speaking few people begin a life of crime suddenly and without warning. Usually there are many small crimes and a certain “casualness” toward the accepted standards of society.

Tom Petters’ trial in Minnesota on hedge fund fraud (Ponzi scheme) begins this week.

Let me quote from the Wall Street Journal article:

In high school in Minnesota, he started a business selling stereo equipment to students at a local university, but his parents shut him down after learning he was skipping school. He later dropped out of college to work for an electronic retailer, but he was so broke in 1988 that he had to move in with his brother, Jon.

Add in a divorce, a stint in cocaine rehab, and involvement in multiple breach-of-contract lawsuits with business partners, both as a defendant and plaintiff.

There were plenty of warnings if someone was willing to look. Am I saying that people cannot turn their lives around? Certainly not. But I don’t believe in living with your eyes closed either. 

James Pilant

http://industry.bnet.com/financial-services/10004501/tom-petters-goes-to-trial-in-historys-second-largest-hedge-fund-ponzi-scheme/

http://blogs.wsj.com/law/2009/04/22/tom-petters-and-the-alleged-dvd-fraud/