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Tom Petters
Year made public: 2008
Estimated Losses: At least $1 billion
Petters, a money manager who ran Petters Group Worldwide in Minnesota, was indicted in December by a federal grand jury on 20 counts of money laundering, conspiracy, and wire and mail fraud. He is alleged to have duped investors from 1995 to 2008. According to court documents, Petters allegedly received over $1 billion from investors and subsequently provided them with false reports claiming that his firm was using their money to buy and resell wholesale consumer goods for profit. The complaint alleges that these transactions never took place. Petters, who pleaded not guilty, is awaiting trial.
