American Greed: Generous with Other People's Money

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In this episode of American Greed...

Case File: Generous with Other People's Money

Tom Petters
The Billionaire

Deanna Coleman
The Whistleblower

Bob White
The Accomplice

The Golden Boy
Minnesota businessman Tom Petters appeared to be at the top of his game. He was the founder, CEO and sole owner of Petters Group Worldwide. He boasted billions in revenue and ownership of 150 companies including Polaroid and Sun Country Airlines. Petters’ sterling reputation helped bring in billions of investment dollars from people around the world.

The Scam
Petters sold promissory notes through his wholesale brokerage firm Petters Company Inc., offering stunning returns of 15 to 20 percent. The company offered financing on the niche business known as diverting. Investors believed PCI was dealing in electronics and consumer goods. But there was no real merchandise bought and sold…and no real profits. Petters was running a con.

The Empire Falls
For 10 years, PCI secured hundreds of millions of dollars in investments from unsuspecting clients. Petters and a small cadre of employees covered up the scam by forging documents on fake deals. Law enforcement had no idea what Petters was up to until his “Girl Friday” decided to save herself and take her boss down.

American Greed profiles the collapse of a multi-billion dollar Ponzi scheme!

Document: Petters' Trial Exhibits [PDF]
Bob White forged more than 10, 000 phony purchase orders, bank statements and other documents to keep the Petters Ponzi going for more than a decade.
Document: Petters' Indictment [PDF]
Read the government’s charges against Tom Petters in this superseding indictment.

AMERICAN GREED EXTRAS

Slideshow: The Rise and Fall of a Multibillion-Dollar Ponzi Scheme
Before anyone had heard of Bernie Madoff, Minnesota businessman Tom Petters carried out the largest Ponzi scheme in U.S. history.
Can You Be Ponzied and Not Even Know It?
Learn the warning signs and how to protect yourself against individuals who are only interested in making your money theirs.
Tom Petters: Ponzi Scheme
Doug Kelley was appointed by the court to handle Petters' company following charges of fraud. He explains how Petters funded over 150 different companies.
Tom Petters' Lifestyle
Local reporter David Phelps gives us a tour of Tom Petters' lakeside home in Minneapolis.

MORE AMERICAN GREED EPISODES

Madoff Behind Bars
Wednesday, May 30th 9p | 12a ET

Generous With Other People's Money
Friday, June 1st 10p | 1a ET

Bank Robbing Broker
Monday, June 4th 10p | 1a

Financial Guru Bone Bad
Tuesday, June 5th 10p | 1a ET

Fool's Gold
Wednesday, June 6th 10p | 1a ET

STACY KEACH PROFILE

"American Greed" is narrated by Stacy Keach. The award-winning actor of stage, film and television is well-known for his portrayals of Detective Mike Hammer and Ernest Hemingway, for which he won a Best Actor Golden Globe. He is currently co-starring in the new feature film “Universal Pictures ‘The Bourne Legacy,’” and on Broadway in last season’s Lincoln Center hit play, "Other Desert Cities," playing at the Booth Theater this fall.