Tuesday, February 5, 2013
Frank Vennes, a business associate of Tom Petters who made north of $48 million, pleaded guilty Friday afternoon to one count of securities fraud and one count of money laundering. His co-defendant, James Nathan Fry of Orono, heads to trial this week.
- POLICE & FIRE
Tuesday, February 5
Editor's note: The following is a statement released last week by the U.S. Department of Justice and posted in its entirety. A business associate of Tom Petters, the Minnesota businessman convicted in 2009 of orchestrating a $3.65 billion Ponzi scheme, pleaded guilty Friday afternoon in federal court to fraudulently raising money from individuals and through hedge funds for investment in Petters Company, Inc. (“PCI”). Frank Elroy Vennes, Jr., 55, of Stuart, FL, was charged July 11, 2011 in a Second Superseding Indictment. Vennes’s co-defendant in this case, Orono resident James Nathan Fry, 59, was charged with five related counts of securities fraud, four counts of wire fraud and three counts of making a false statement to the U.S. …
Thursday, November 1, 2012
Check out what people were most interested in reading on Lake Minnetonka Patch in October 2012.
Here’s a recap of the posts that generated the most interest on Lake Minnetonka Patch in October. Did you catch all of them? Click on the headlines below to read the full story. What do you think was the most important story in September? Share your thoughts in comments below. Follow us on Twitter | Like us on Facebook | Sign up for our daily newsletter
Thursday, October 18, 2012
Richard Gray will speak and sign copies of "Greedsters: When Enough is Never Enough" next week at the Gray Freshwater Center in Navarre.
Richard Gray—author, Freshwater Society founder, entrepreneur and CEO—has spent the last four years researching and writing about the individuals and companies that have been at the center of schemes and frauds in the financial market. His newly released book entitled Greedsters: When Enough is Never Enough exposes the misdeeds of 194 individuals and dozens of companies. It discusses the “Greedsters” and what makes them tick including, Madoff, Stanford, Foshay, Petters, Cook and Ponzi and takes Main Street, Wall Street, Big Banks and the SEC to task. This easy-to-read book should be in every library at home, in the office or for the general public. It's ideal for economics or civics courses and professional use. It's fun, …
Monday, October 15, 2012
Former Wayzata resident is currently serving a 50-year prison sentence after being convicted in 2009 of bilking investors out of billions.
Dozens of items belonging to convicted Ponzi scheme orchestrator Tom Petters will be auctioned off tonight in St. Paul. Petters lived in Wayzata up until his arrest in 2008. He is currently serving a 50-year prison sentence in Leavenworth, Kansas. Included in tonight's auction are an assortment of antiques and collectibles—including art, sports memorabilia and other rare items. Some of the highlights include a boxing glove autographed by Sugar Ray Leonard, signed Peter Max pieces, Versace sunglasses and a vintage cigarette machine. Proceeds from tonight's auction will be used to help reimburse the victims of Petters' multi-billion dollar Ponzi scheme. A full list of the items to be sold can be found by clicking here. Petters' home on Lake …
Thursday, August 9, 2012
Home sits on just over 4.5 acres and is valued at more than $500,000.
Monday, July 25, 2011
FBI alleges charges are connected to Petters Ponzi Scheme.
A statement released late last week by the FBI’s Minneapolis division made public a set serious securities fraud charges filed against a 57-year-old Orono man. James Nathan Fry faces, according to the release, "five counts of securities fraud, four counts of wire fraud and three counts of making a false statement to the United States Securities and Exchange Commission during its investigation of investments in PCI by hedge funds under the management of Fry’s company, Arrowhead Capital Management." The entire 1,200-word document can be read here. Fry is alleged to be connected to the multi-billion Ponzi Scheme of Tom Petters through a man named Frank Elroy Vennes, Jr—also charged as part of the new indictment. Fry's custody status was …