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Alleged $3.5B Petters Ponzi Scheme Racks Up Another $1.6M in Legal Bills

Posted Feb 24, 2009 1:54 PM CDT
By Martha Neil

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An alleged $3.5 billion Ponzi scheme that a Minnesota businessman is accused of operating for a decade is keeping a number of Twin Cities law firms busy.

The latest legal fee requests concerning the ongoing civil and criminal cases against Tom Petters total $1.6 million, reports the Star Tribune.

The lineup of legal fee reimbursement requests includes $368,428, sought by Kelley & Wolter of Minneapolis (partner Douglas Kelley is the court-appointed receiver for Petters Group Worldwide and Petters Company Inc); $312,000 from Lindquist & Vennum of Minneapolis, which is handling corporate bankruptcy matters for the Petters organization and helping Kelley catalog assets; and $332,910 from the criminal defense team that is helping Petters prepare for a June trial.

"I'm trying to keep the fees down but I can't control all of them," Kelley told the newspaper after a recent hearing. "Those fees in a major fraud investigation are not outrageous."

Petters, 51, says he is innocent of the federal fraud, conspiracy and money-laundering charges he is facing.

Additional coverage:

Minnesota Public Radio (2008): "Former investors watching Petters fraud case unfold"


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