About this episode

The episode discusses Tom Petters and his $3.65 billion Ponzi scheme in Minnesota, featuring insights from attorneys involved in the case.

In this episode, host Judge Gunn is joined by attorneys Jim Lodoen of Spencer Fane LLP and Doug Kelley at Kelley, Wolter & Scott, P.A. to discuss Tom Petters, who operated a $3.65 billion Ponzi Scheme based in Minnesota before the scheme unraveled. Doug Kelley shares the fascinating details of the major criminal investigation into Petters that began when Diana Coleman, a participant in the scheme, informed the FBI that Petters owed at least $3.5 billion to victims of his scheme, and agreed to wear a wire to gather evidence against Petters. Petters cloaked his massive Ponzi scheme in a cloak of legitimacy by acquiring significant ownership interests in legitimate companies, including Polaroid, using ill-gotten gains from the scheme. Petters, a prolific salesman, started the scheme by targeting smaller mom and pop businesses, and eventually moved up to soliciting hedge funds to invest in the scheme. Petters used the fruits of the scheme to fund a lavish luxury lifestyle, including multiple luxury homes, a Bentley, and regular trips to Las Vegas. Doug Kelley was ultimately appointed as the receiver for a number of Petters’ entities that were involved in the scheme, which then led…

People in this episode

Host: Judge Gunn

Guests: Jim Lodoen, Doug Kelley

Topics covered

• bankruptcy
• Ponzi scheme
• criminal investigation
• fraudulent transfers
• financial crimes

Keywords

• Tom Petters
• Ponzi scheme
• bankruptcy
• fraud
• Diana Coleman
• criminal investigation
• financial crimes
• Jim Lodoen
• Doug Kelley

Mentioned in this episode

Organizations: Spencer Fane LLP, Kelley, Wolter & Scott, P.A., Polaroid

Places: Minnesota

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