Description :

Tom Petters

Tom Petters is a multibillionaire fraudster who owned a worldwide company called the Petters group. Petters forged the buying and selling documents of the merchandises which were sold online by his corporation; and loaned millions from the bank and also defrauded potential investors to invest in his company.

He slowly swindled the investor's money which led to a Ponzi scheme of $11 billion worth. He was never caught until a whistleblower from the Petters Company admitted the fraudulent activities of the company to the FBI in the year 2008. Petters was prosecuted for mail fraud, wire fraud, conspiracy and felony. Later, he was sentenced to 50 years in prison and his company's assets were sold off to pay back his investors in the year 2021.