minneapolis fed calls ponzi scheme

November, but authorities say his scheme cost thousands of investors at least $13 billion. Madoff pleaded guilty and is serving a 150-year sentence.

Madoff is a major reason that Petters hasn’t drawn more national attention, said defense lawyers who aren’t involved in either case. One prominent local attorney, Earl Gray, jokingly called him “a petty offender” compared with Madoff.

Yet Doug Kelley, a former federal prosecutor appointed by the court to try to recover money for Petters’ alleged victims, said the Madoff receivers have told him they view the Petters case as “infinitely more complicated” because Madoff kept accurate records, while Petters built a complex web of some 150 corporations now “in various stages of decrepitude.”

Petters once owned luxury homes in Minnesota, Florida and Colorado, yachts and fast cars.

Lane High School. Upon graduation, he was accepted as an engineering student by the University of Michigan in its Naval ROTC program. Upon completing college, Al qualified for Navy flight training and received his wings as a Jet Fighter Pilot in June of 1966.
After completing his tour of duty, he left the service and earned a MBA from Long Island University.

Al has worked as a Flight Test Conductor for the Grumman Aerospace Corporation, a Financial Analyst for the Singer Company, a Senior Financial Analyst for Pratt & Whitney Aircraft, and a Financial Administrator for the City of Fort Lauderdale. In 1994, Congress passed the unconstitutional General Agreement on Tariffs and Trade (GATT) which made the United States a member of the World Trade Organization (WTO).

Minneapolis fed calls ponzi scheme

If you don’t see it as you claim you’re not paying attention.”

James Gulbrandsen wrote:

“I’m a quant [quantitative analyst] and the highest correlation w stock mkt returns is fed liquidity, which is almost unprecedented today I’m sincerely worried that average Americans will buy an over valued mkt and get severely harmed”

Minerd can’t be brushed off as a conspiracy-theorist either. He is the Chairman of Guggenheim Investments and its Global Chief Investment Officer.
He is also a long-term Wall Street veteran with previous executive posts at Credit Suisse, Morgan Stanley and Merrill Lynch. Earlier, he was a CPA with Price Waterhouse.

Is a Ponzi scheme the right way to look at what is happening to markets as a result of the flood of underpriced loans from the New York Fed – with money it creates electronically out of thin air.

Minneapolis fed calls ponzi schemer

In some instances, investors also were provided false records indicating that PCI had wired its own funds to vendors, thus giving the appearance that PCI had money invested in the deals too. In addition, investors frequently received false PCI financial statements showing the company was owed billions of dollars from retailers.
To induce investors further, Petters often signed promissory notes and provided his personal guarantee for the funds received. Those who invested, however, were not paid through profits from actual transactions. Rather, they were paid with money obtained from subsequent investors and, sometimes, even their own money.

PCI, which was formed in 1994, was solely owned by Petters and was used for fraudulent purposes from the start.

Minneapolis fed calls ponzi schemes

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Minneapolis fed calls ponzi schemers

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Attorney’s Office and the U.S. Postal Inspection Service will remain at the forefront of investigating cases like these, where the trust and confidence of the American public has been violated through the criminal misuse of the U.S. mail. As long as there are individuals such as Petters and those associated with his company, PCI, who continue to misuse the U.S.

mail to steal the hard-earned money of investors and ruin their hopes and dreams of a secure financial future, postal inspectors will be there to ensure that justice is served.”

Through Petters’ scam, potential investors were provided fabricated documents that listed goods purportedly purchased by PCI from various vendors and then sold to retailers.

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Petters inflated and falsified purchase orders in an effort to obtain more money from investors, which, in turn, he used to pay other investors as well as his increasingly lavish personal lifestyle. When Petters could not pay an investor on time, he employed delay and evasion tactics, such as promising payment in the near future, making up excuses about slow payments from retailers, or providing checks that bounced.

As the scheme progressed, Coleman, who was hired by Petters as an office manager in 1993, began fabricating PCI purchase orders and transferring funds between investors.

In 1999, Petters wanted to give investors false bank statements to “verify” PCI’s purported bank transactions with retailers. Therefore, Petters turned to White, his friend, who agreed to prepare the fraudulent documents.

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