Petters Fundraiser Cops To Role In Ponzi Scheme

Law360, New York (February 1, 2013, 10:03 PM EST) -- A fundraiser for the now-bankrupt venture capital firm Petters Co. Inc. pled guilty Friday to fraud and money laundering for his alleged role in convicted fraudster Thomas J. Petters’ $3.7 billion Ponzi scheme.

Frank Elroy Vennes Jr., 55, copped to one count each of securities fraud and money laundering, prosecutors said in a statement Friday, disclosing that Vennes admitted to fraudulently helping raise money for the scheme from individuals through misrepresentations and third parties.

Petters, who currently is serving a 50-year sentence, had sold PCI notes...
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