Petters allegedly has $10M Vegas gambling losses

Posted on October 11, 2008 

Petters allegedly has $10M Vegas gambling losses

A federal judge Monday authorized the seizure of several billion dollars worth of assets related to an investigation of businessman Tom Petters and several of his businesses and associates, who allegedly carried out a massive investment fraud scheme.

U.S. District Judge Ann Montgomery appointed Minneapolis attorney Doug Kelley as a receiver to oversee Petters Group Worldwide, Petters Co. Inc. and related companies. The order excluded Sun Country Airlines, which filed a Chapter 11 bankruptcy petition Monday.

The government said in court pleadings that it has probable cause to believe that the alleged fraud scheme has bilked “in excess of $3 billion” from investors since 1995.

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