Assets recovered from large Ponzi scheme reach $722 million

[Omaha Steve]

Source: AP

MINNEAPOLIS (AP) — A bankruptcy trustee’s search to recover assets linked to one of the largest financial crimes in Minnesota’s history has netted $722 million.

Doug Kelly says his work to collect assets from Tom Petters’ $1.9 billion Ponzi scheme is nearly done 13 years after the search began.

A motion filed in U.S. District Court in Minneapolis last week shows the amount recovered and returned to victims and creditors, the St. Paul Pioneer Press reported.

“We can see the light at the end of the tunnel here,” Kelley said. “It has been a long and arduous process that was at times bumpy, but I am quite pleased with the collective return of $722 million.”

Read more: https://apnews.com/article/mn-state-wire-business-238f68683dba400e813d8c8d6a627336

[bucolic_frolic]

1. So 1/3 reclamation and hopefully restitution

Par for the course.

Pay attention to your equity, people, if you have even small amounts. I've run into 2 crooks over the last 10 years in my petty life. I sensed a scheme, and a potential one, that didn't sound right, and avoided them quickly. One involving a bank, was very fluid with almost no paperwork (red flag). One perp is doing 3-5. So beware.