Spring storm brings rain and wind Tuesday into Wednesday

MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.

Create a More Connected Minnesota

Jurors in the Tom Petters fraud trial are
hearing how a hedge fund lost $60 million.


      Gregg Colburn, a partner in Interlachen Capital Group, told
jurors on Friday that his company thought Petters Co. Inc. was
going to use the money to buy Sony and Panasonic TVs from a
distributor. 


Colburn said Interlachen was led to believe that the TVs
were being unloaded by the bankrupt retailer Circuit City.


      Colburn said Petters and his associates also led them to believe
that Petters' company would be re-selling the TVs to the retailers
Sam's Club, Costco and BJ's Wholesale Club.
     

 It turned out that the merchandise never existed, and
Interlachen lost its $60 million when the Petters empire collapsed
last year.

      Prosecutors are using the deal as an example of how Petters'
alleged $3.65 billion Ponzi scheme operated.

Prosecutor: Petters tried to be 'corporate tycoon'

First leg of Petters trial gets underway

Prosecutors: Petters expressed shame for fraud

Prosecutors in Tom Petters' fraud trial are using the bogus deal as an example of how Petters'
alleged $3.65 billion Ponzi scheme operated.

Investor details $60M lost in alleged Petters scam

Share

Create a More Connected Minnesota