MINNEAPOLIS (CN) – Thomas Petters and Petters Group Worldwide defrauded investors of more than $3 billion in scams based on false invoices from bogus “sales” of electronics to wholesale clubs such as Sam’s and Costco, federal prosecutors say. Petters allegedly used the scam to induce investments in the “venture capital arm” of his network, PCI (Petters Co. Inc.)
Petters and his companies face numerous civil lawsuits from angry investors.
Here are the defendants in this federal complaint: Thomas Joseph Petters dba Petters Company Inc. dba Petters Group Worldwide LLC dba PCI, Deanna Coleman aka Deanna Munson, Robert White, James Wehmhoff, Larry Reynolds dba Nationwide International Resources aka NIR, Michael Catain dba Enchanted Family Buying Company, Frank E. Vennes Jr. dba Metro Gem Finance dba Metro Gem Inc. dba Grace Offerings of Florida LLC dba Metro Property Financing LLC dba 38 E. Robinson LLC dba 55 E. Pine LLC dba Orlando Rental Pool LLC dba100 Pine Street Property LLC dba Orange Street Tower LLC dba Cornerstone Rental Pool LLC dba 2 South Orange Avenue LLC dba Hope Commons LLC dba Metro Gold Inc., Ritchie Capital Management et al. (intervenor), Douglas A. Kelley and William Procida (receivers).