US Urges Maximum For Feeder To $3.7B Petters Scheme

Law360, New York (August 16, 2013, 5:38 PM ET) -- Prosecutors urged a Minnesota federal judge Thursday to sentence a key feeder of a $3.7 billion Ponzi scheme to 15 years in prison, the statutory maximum for the fraud and money laundering charges connected to bogus notes issued from now-bankrupt venture capital firm Petters Co. Inc.

Frank Elroy Vennes Jr. didn't know the full extent of Thomas J. Petters’ “massive empire of forged documents and overt lies,” but his role in the Ponzi scheme took on a “subtler and more sophisticated fraud,” as he raised money...
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Case Information

Case Title

USA v. Vennes et al


Case Number

0:11-cr-00141

Court

Minnesota

Nature of Suit

Date Filed

April 20, 2011

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