An unfortunate basic nature of human beings, especially in modern times, is the need to have things done and happening quickly. Hence, there is the need for fast-moving cars, faster trains, faster technology, and even fast food, which has become a multi-billion-dollar industry in just the United States alone. For this reason, get rich quick schemes have become the order of the day for both the young and the old, one of which was Tom Petters Ponzi scheme which had taken $2 billion worth of investors' money.
He got into the business world while still very young; his interest in it grew, and so did his need to get more. Unfortunately, Tom Petters' lifestyle took a drastic turn when everything he had "achieved" slipped from his hands, and in turn, he received fifty years imprisonment. So, who were Tom Petters' associates? Keep reading to know his story.
Tom Petters profile summary
- Birth name: Thomas Joseph Petters
- Place of birth: St. Cloud, Minnesota, U.S.A
- Date of birth: 11th July 1957
- Tom Petters' age: 64 years as of 2021
- Zodiac sign: Cancer
- Gender: Male
- Nationality: American
- Ex-fiancée: Tracy Mixon
- Children: 4 (one daughter, three sons)
- Siblings: 6
- Occupation: former CEO of Petters Group Worldwide
- Net worth: $ 50 thousand
- Criminal status: Prisoner #14170-041 in United States Penitentiary, Leavenworth
- Criminal penalty: 50 years in prison
- Convictions: 10 counts of wire fraud, three counts of mail fraud, one count of conspiracy to commit mail and wire fraud, one count of conspiracy to commit money laundering, and five counts of money laundering
Tom Petters biography
On 11th July 1957, Thomas was born; one of seven siblings who grew up in St. Cloud, Minnesota. His entrepreneurial side was quite evident from a young age. It led him to start Ear Electronics, a mail-order stereo company targeted at university/college students.
He started the business while still in high school in 1973. He went on to join college; however, he dropped out after the first semester to pursue his business career.
Who is Tom Petters' wife?
Tracy Mixon, the mother of two of Thomas' sons back in 2010, watched him get imprisoned. The then 39-year-old had to get her life in order after the court put an end to her monthly child support payments. The children at the time were ages 5 and 7.
Not much is known about their lives before the scheme fell apart; however, she married the man who ran the company she worked for back in 2012. They lead a private life, and not much has been disclosed about them. Aside from the two children with Tracy Mixon, Thomas has two other children, one of them being Jennifer Petters.
It was quite clear that Thomas had a leaning towards business from a young age. Even though this side would have significantly helped him build an empire, it was unfortunate that it was all founded on a multibillion-dollar Ponzi scheme. Joseph was the CEO of Petters Group Worldwide, up to the time he was arrested.
Joseph, alongside his associates, used other money to fund and buy other companies. Frank Vennes, a previously convicted felon, played a crucial role in the amassing of this wealth. In his high life, Thomas was rolling with the whos and whos in society, even some politicians.
Then, in the wake of one morning, everything crumbled after federal investigators raided their premises, taking photos of any document that may serve as evidence against him.
In 2009, he was found guilty on multiple counts:
- Ten counts of wire fraud.
- Three counts of mail fraud.
- One count of conspiracy to commit mail and wire fraud.
- One count of conspiracy to commit money laundering.
- Five counts of money laundering.
All the convictions put together led to him receiving a fifty-year sentence in federal prison.
Where is Tom Petters' now?
He is currently serving his sentence and according to the U.S Bureau of Prisons, Tom Petters' release date is set for 13th May 2051. Considering all of the laws that will be passed by that time, this date may change.
Tom Petters' documentary
The CNBC TV series, American Greed tells the story of how Tom acquired big companies, inherently building a business empire, but it was all through a Ponzi scheme. The Ponzi scheme ran for thirteen years, and the money was acquired from unknowing vulnerable investors.
Tom Petters net worth
According to Celebrity Net Worth, Thomas Joseph has an estimated net worth of $50 thousand. So even though he has been imprisoned for a while now, he still has a substantial net worth.
Everyone needs to be very careful with business ventures that appear too good to be true. For decades now, thousands have fallen prey to such schemes and are not lucky enough to get their money back even into the millions. Of course, a few cartels manage to escape without a trace, but for Tom Petters, Leavenworth federal prison will be a place he will call home for the next couple of decades.
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Source: Briefly News