Thomas Joseph Petters is an American businessman and executive convicted of fraud and imprisoned at the United States Penitentiary, Leavenworth. Petters was the former CEO and chairman of Petters Group Worldwide. Petters resigned his position as CEO on September 29, 2008, amid mounting criminal investigations. He later was convicted for turning Petters Group Worldwide into a $3.65 billion Ponzi scheme and received a 50 year federal sentence.
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Thomas Joseph Petters is an American businessman and executive convicted of fraud and imprisoned at the United States Penitentiary, Leavenworth. Petters was the former CEO and chairman of Petters Group Worldwide. Petters resigned his position as CEO on September 29, 2008, amid mounting criminal investigations. He later was convicted for turning Petters Group Worldwide into a $3.65 billion Ponzi scheme and received a 50 year federal sentence.
Petters was raised with six siblings in St. Cloud, Minnesota. He worked at the tailor, fur and fabric shop founded by his great-grandfather and operated by his family for over 100 years. In 1973, while still in high school, he started Ear Electronics, a mail-order stereo company aimed at college students. Petters completed only one quarter of college before dropping out to pursue a career. In the early 1980s, Petters worked in Colorado as a regional manager at an electronics store chain; when that business went bankrupt, he purchased five of its...
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