Cases / Investment funds & advisory
Petters Company Inc, Petters Group Worldwide
Thomas Joseph Petters
This entry summarizes public reporting and government filings. Charges and civil complaints are allegations unless a court has entered a conviction or judgment — check the source for the current status.
- Company / entity
- Petters Company Inc, Petters Group Worldwide
- Industry
- Purported merchandise (consumer electronics) purchase financing notes
- How investors were recruited
- Raised money through third-party agents and hedge funds (including the Arrowhead Funds formed by associate Frank Vennes, paid commissions) and solicited banks and institutional investors
- Pitch & red flags
- Investors were told funds would buy merchandise to resell to major retailers at a profit; no such purchases were made; fabricated purchase orders and retailer records.
Source
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