Cases by state
Ponzi schemes in Minnesota
15 cases announced 2008–2026, involving about $4.7B in reported investor money. Most common types: trading, forex & commodities, investment funds & advisory and real estate. Listed by where the main defendant was based.
The largest by reported amount: Petters Company Inc, Petters Group Worldwide ($3.7B, 2008). Charges are allegations unless a court has entered a conviction or judgment.
Pitch phrases seen in these cases
- “flagship and platinum funds”
- “trade foreign currencies”
- “imminent”
- “between 40 percent and 80 percent”
- “used their money to invest in futures”
- “5% weekly returns”
- “returns of between 10 and 20 percent annually”
- “would be used for commercial real estate financing and related projects”
Cases
| Date | Case | Location | Industry | Amount |
|---|---|---|---|---|
| Jan 16, 2026 | EZ Cash, EZ Capital Brett Schraber |
Orono, MN | Legal & litigation funding | $100M |
| Sep 2, 2021 | Bullard Enterprises LLC Jason Dodd Bullard, Angela Romero-Bullard |
Shakopee, MN | Trading, forex & commodities | $17.6M |
| Feb 2018 | Crown Bank Peter E. Dahl |
Edina, MN | Investment funds & advisory | $2.8M |
| Sep 1, 2017 | Big Island Capital Jeremy Richard Lundin, Alex Reaves Lundin |
Mound, MN | Trading, forex & commodities | $1M |
| Jun 9, 2016 | Randy Miland | White Bear Lake, MN | Trading, forex & commodities | $575,000 |
| Dec 17, 2015 | TeamVinh.com LLC Vu H. Le (aka Vinh H. Le) |
MN | Trading, forex & commodities | $3M |
| Apr 15, 2015 | Hennessey Financial LLC Stuart Alan Voigt, Jeffery Allen Gardner |
Apple Valley, MN | Real estate | $2M |
| Mar 11, 2015 | Alternative Wealth Solutions Levi Lindemann |
West Lakeland, MN | Real estate | $976,000 |
| Aug 5, 2014 | Meadows Financial Group Sean Meadows |
Eden Prairie, MN | Real estate | $10M |
| Nov 9, 2011 | Arrowhead Capital Management LLC James N. Fry, Michelle W. Palm |
Long Lake, MN | Trading, forex & commodities | $600M |
| Nov 24, 2009 | Trevor G. Cook, Patrick J. Kiley (aka Pat Kiley), Jason Bo-Alan Beckman, Gerald Joseph Durand, Christopher Pettengill | Minneapolis, MN | Trading, forex & commodities | $190M |
| Nov 6, 2009 | Minnesota Print Services Gerard Frank Cellette Jr. |
Andover, MN | Investment funds & advisory | $53M |
| Feb 20, 2009 | TD Financial Services, NLC Financial Services, NLC Venture Group Kalin Thanh Dao, Nghia Trong Dao, Thu Nguyet Le Dao |
Minneapolis, MN | Investment funds & advisory | $7M |
| Feb 5, 2009 | Crossfire Trading LLC Charles E. Hays |
Rosemount, MN | Trading, forex & commodities | $5.5M |
| Oct 3, 2008 | Petters Company Inc, Petters Group Worldwide Thomas Joseph Petters |
Wayzata, MN | Investment funds & advisory | $3.7B |