Petters Group Worldwide

Petters Group Worldwide is a diversified company based in Minnetonka, Minnesota. It currently has 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20, with offices in North America, South America, Asia, and Europe.Nicole Muehlhausen, [http://kstp.com/article/stories/s592708.shtml?cat=63 BIO: Tom Petters] , KSTP.com, September 24, 2008, Accessed October 8, 2008.] Among its assets are Sun Country Airlines, Petters Warehouse Direct, and the remnants of Polaroid. Petters Group Worldwide had $2.3 billion in revenue in 2007.Liz Fedor, [http://www.startribune.com/business/30525884.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUI Sun Country files for bankruptcy] , "Star Tribune", October 6, 2008, Accessed October 8, 2008.]

On September 24, 2008, its headquarters and the homes of its top executives and some associated businesses were raided by the FBI. Wiretaps based on information gleaned from a confidential co-conspirator are alleged to detail the existence of a $2 billion investment fraud. The allegations include creating phony purchase orders from Sam's Club and BJ's to create the appearance of tremendous sales of merchandise. CEO Tom Petters is the central figure in the investigation. [ [http://stmedia.startribune.com/documents/Petters0926.pdf Affidavit from investigator] ] A federal court appointed Doug Kelley, a lawyer, as receiver for the Petters companies, excluding bankrupt Sun Country. [http://www.startribune.com/business/30563724.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUX]

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