Tom Petters

Quick Facts

Full Name	Tom Petters
Occupation	Businessman
Date Of Birth	Jul 11, 1957(1957-07-11)
Age	67
Birthplace	St. Cloud
Country	United States
Birth City	Minnesota
Horoscope	Cancer

Tom Petters Biography

Tom Petters is one of the most popular and richest Businessman who was born on July 11, 1957 in St. Cloud, Minnesota, United States.

In 1988, Petters moved back to Minnesota and founded Amicus Trading, a wholesale brokerage; the name was later changed to The Petters Company, and it marketed consumer merchandise. In 1995 he started Petters Warehouse Direct to sell closeout, overstock and bankrupt company merchandise from a store in Minnetonka, Minnesota, and later in the Twin Cities and greater Minnesota. In 1998, he moved online to sell discounted merchandise through redtag.com, operated by RedTag Inc.; by 2000 he sold his Petters Warehouse Direct stores to focus on his online business, based in Eden Prairie, Minnesota. He teamed up with direct-mail merchandise company Fingerhut Companies Inc. in 2001 to start a new online store, Redtagbiz.com, which reported sales of $1 billion per year at one point.

Between 1998 and 2008, Petters created a series of investment funds through which he raised in excess of $4 billion through a variety of Ponzi schemes. These fund family names included Arrowhead, Lancelot, Palm Beach and Stewardship. Through these funds, Petters perpetrated the third-largest hedge fund fraud case in U.S. history. Petters used these funds to finance his big box and other acquisitions. He then fabricated retail orders from those acquisitions and used them as collateral to borrow more money through the funds.

Tom Petters Net Worth

Tom Petters is one of the richest Businessman from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Tom Petters 's net worth $5 Million. (Last Update: December 11, 2023)

Petters was raised with six siblings in St. Cloud, Minnesota. He worked at the tailor, fur and fabric shop founded by his great-grandfather and operated by his family for over 100 years. In 1973, while still in high school, he started Ear Electronics, a mail-order stereo company aimed at college students. Petters completed only one semester of college before dropping out to pursue a career. In the early 1980s, Petters worked in Colorado as a regional manager at an electronics store chain; when that business went bankrupt, he purchased five of its locations in Colorado and Kansas.

Height, Weight & Body Measurements

Tom Petters height Not available right now. Toni weight Not Known & body measurements will update soon.

Who is Tom Petters Dating?

According to our records, Tom Petters is possibily single & has not been previously engaged. As of December 1, 2023, Tom Petters’s is not dating anyone.

Relationships Record : We have no records of past relationships for Tom Petters. You may help us to build the dating records for Tom Petters!

The FBI Criminal Complaint identifies First Regional Bank, Los Angeles (Century City), California as the bank that moved more than 11 billion dollars through an account for Nationwide International Resources Inc. of Los Angeles. In a separate legal filing in February 2008, more than seven months before the Petters allegations surfaced, the Federal Deposit Insurance Corporation (FDIC) issued a cease and desist order citing First Regional Bank for failing to comply with regulations regarding money laundering with respect to Individual Retirement Accounts and violating rules regarding reporting suspicious activity.

Facts & Trivia

Toni Ranked on the list of most popular Businessman. Also ranked in the elit list of famous people born in United States. Tom Petters celebrates birthday on July 11 of every year.

In about 2008, the FBI began investigating Petters for his role in a fraud scheme involving more than $100 million in investments. On September 24, 2008, federal investigators raided the Petters headquarters in Minnetonka and searched Tom Petters’ Wayzata home. Documents released by the FBI, IRS, and other federal agencies noted that they were seeking evidence of a scheme to lure investors into funding a company based on tens of millions of dollars in purchases and sales that never occurred. The documents noted that a witness associated with Petters and his company came forward with documents and other information, and later wore a hidden microphone and recorded several conversations involving Petters and others who carried out the fraud. The affidavit alleges that Petters repeatedly admitted to the fraud scheme of providing false information to investors in the tapes; in addition, Petters admitted to falsifying his tax returns. On September 29, he resigned as the head of Petters Group Worldwide.

How did Tom Petters get caught?

Circa 2008, the FBI began investigating Petters for his role in a fraud scheme involving more than $100 million in investments. On September 24, 2008, federal investigators raided the Petters headquarters in Minnetonka and searched Tom Petters’ Wayzata home.

Is Fingerhut a pyramid scheme?

The Story of Tom Petters His company, Petters Group Worldwide, owned brands like Polaroid and Fingerhut, as well as a controlling share of Sun Country Airlines. As federal agents learned, though, these legitimate businesses were propped up entirely by a $3.5 billion Ponzi scheme.

Where is Denny Hecker now?

After seven-and-a-half years in prison, Hecker is now a free man. We sat down with him to talk about the past, the present and the future.

How much did Bernie Madoff steal?

Bernie Madoff masterminded the biggest investment fraud in U.S. history, ripping off tens of thousands of people of as much as $65 billion. Madoff was serving a 150-year prison sentence for his scheme, which investigators said defrauded as many as 37,000 people in 136 countries over four decades.

Who is the owner of Fingerhut?

TypeSubsidiary, Private
Founder| William and Manny Fingerhut
Headquarters| Saint Cloud, Minnesota, U.S.
Revenue| US$500 million (2008)
Owner| Bluestem Brands, Inc.