Wednesday, December 10, 2008

Looks like Petters forgot to update CES listing

From the CES 2009 Exhibitor listing:
Petters Group Worldwide is invested in a dynamic collection of 60 companies with active management in over 20. These companies create, develop and invest in companies that source, develop, manufacture and market consumer goods. [Decription Based on 2008 MyCES Directory Listing.]

Polaroid,, Juice Media, Broadsign, YFly, Campus1Housing, Suncountry
From the latest news story (Bloomberg) on Petters Group and CEO Tom Petters:

Petters Group Worldwide, the bankrupt owner of Polaroid Corp. and Sun Country Airlines, and founder Tom Petters were accused in a federal indictment of running a fraud involving more than $2 billion. …

The 20-count indictment alleges that from 1995 to September 2008, Petters used the company and its Petters Co. unit to issue fake documents to entice hedge funds to invest more than $1 billion in phony deals. Petters told investors their money would be used to buy merchandise that would be resold to retailers including Costco Wholesale Corp. Damages from the transactions exceed $2 billion, according to court papers.

Prosecutors accused Petters of siphoning money from business ventures to support an extravagant lifestyle. …

If convicted, Petters faces as long as 20 years in prison on each of the seven mail-fraud counts, 20 years for each of the three wire-fraud counts and 20 years for the single count of money laundering conspiracy, U.S. Attorney Frank Magill’s office said in a statement. Petters faces 10 years for each of the eight money-laundering counts and five years for conspiracy to commit mail fraud and wire fraud.

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