2nd Petters Ponzi Collaborator Gets 15 Years For Fundraising

Law360, Los Angeles (October 18, 2013, 6:39 PM EDT) -- A Minnesota federal judge on Friday sentenced the fundraiser responsible for luring investors into Thomas Petters’ $3.7 billion Ponzi scheme to 15 years in prison, putting away the second Petters collaborator this month.

U.S. District Judge Richard H. Kyle sentenced Frank Elroy Vennes Jr., 56, to 15 years in jail for his role in the scheme. Vennes had drummed up money for Petters’ Arrowhead Capital Management LLC and Palm Beach-branded hedge funds, which ultimately invested in nothing and paid the fraudsters richly, according to prosecutors....
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