Petters Firms Plead Guilty In Deal With Prosecutors

Law360, New York (October 1, 2010, 5:23 PM EDT) -- Two bankrupt companies once under the control of convicted $3.7 billion Ponzi schemer Thomas J. Petters have entered guilty pleas to federal fraud charges as part of an agreement with prosecutors.

On Wednesday, collapsed venture capital firms Petters Co. Inc. and Petters Group Worldwide both entered guilty pleas in the U.S. District Court for the District of Minnesota as part of an agreement with federal prosecutors. Judge Richard H. Kyle imposed minimal fines against the bankrupt companies–a total of $1,200 for each defendant.

Jeanne Cooney, a...
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