Tom Petters: Clawback efforts in the aftermath of Minnesota mega-fraudster Thomas Petters’ $3.65 billion Ponzi scheme have escalated to a new level, with the case’s bankruptcy trustee looking to pursue actions to recover funds in several foreign countries. Asserting that “potentially hundreds of millions of dollars” found their way to international investors, Trustee Douglas Kelley’s lawyers have made a request with Chief US Bankruptcy Judge Gregory Kishel for authority to act abroad as representatives of the Petters estate.
After being indicted on multiple charges of fraud in 2009, Missouri resident Sharon Nekol Province has pleaded guilty to facilitating a massive $600 million Ponzi scheme run through the rather lucrative business of pre-paid funeral services.
Larry Michael Parrish of Walkersville, MD, decided to admit his guilt in running a Ponzi scheme that defrauded some 70 investors out of $9.2 million. The 49-year-old Parrish made a plea agreement with the US Attorney’s Office after being indicted in June of last year on multiple counts of wire fraud.
A retired colonel in the California National Guard was sentenced to 8 years in prison Tuesday for operating a $3 million Ponzi scheme. Timothy Melvin Murphy of Orange County, CA, had been indicted by a federal grand jury in 2011 on 10 counts of mail fraud and one count of making false statements to federal investigators.
St. Peters, MO, resident Michael Kitchen has some explaining to do over what authorities say was an investment scam that raised over a half million dollars from at least five investors.