Dallas Investment Firm Claims Tom Petters's $3-Billion Ponzi Scheme Cost It $24 Million

Categories: Biz, Crime
Tom Petters
First there was Bernie Madoff; then, Alan Stanford. Then came Minnesota's Tom Petters, who, as The Wall Street Journal documented in April, was popped by federal authorities who claimed he operated a $3-billion Ponzi scheme built upon his taking investors' hard-earned scratch to buy flat-screen TVs and other electronic whatchamacallits that he would then resell to Big Box stores like Sam's Club and Costco. Seemed awfully, dunno, GoodFellas -- but, look, it really didn't matter anyway, because "there were no such purchases or resales," said a December federal indictment that went largely unnoticed since, at the time, a $3-billion Ponzi scheme seemed awfully penny ante compared to Madoff's $50 billion and Stanford's $8 billion scams. Petters instead used the dough to live quite the high life, though he's since traded in the $7.8-million home for something a little cozier.

But there are a whole bunch of locals who do care about this case, chief among 'em people who invested with Petters via Dallas-based SSR Capital Partners. Courthouse News today provides us with the lawsuit the Cole Avenue-based firm filed in Dallas County District Court, in which SSR claims that $24 million of the $3 billion Petters lost belongs to its investors. Petters, indicted on 20 counts ranging from wire fraud to conspiracy, is due to stand trial in September.

Sponsor Content

My Voice Nation Help

Now Trending

Dallas Concert Tickets

From the Vault