Jacobs, Deikel testify in Petters fraud trial

When Tom Petters came to Irwin Jacobs' office in early 1998, the Minneapolis-based retailer and financier wanted to know when Petters was going to pay off an overdue $3 million loan.

[Thomas Olson]

I feel bad for my nephews wife. This is her cousin, her fathers nephew. I have never met Tom Petters, but my nephew and his wife have been to a few family functions with Tom Petters. From what I can tell, it doesn't look good for Tom Petters.

[The Golf Guy]

Thomas Olson wrote:

I feel bad for my nephews wife. This is her cousin, her fathers nephew. I have never met Tom Petters, but my nephew and his wife have been to a few family functions with Tom Petters. From what I can tell, it doesn't look good for Tom Petters.

Be careful, as a blood relative, they will be looking at all relations for money. If I were you, I would consider moving to Iowa.

[Casanova Frankenstein]

It's hard to feel sorry for most of these investors. Due diligence seems like it would have revealed the problem. No audit to show that product was actually being purchased? No inventory that revealed actual assets? Come on, folks. Petters wasn't the only one here that gave in to the temptation of greed.

[Bagholders Club]

Casanova Frankenstein wrote:

It's hard to feel sorry for most of these investors. Due diligence seems like it would have revealed the problem. No audit to show that product was actually being purchased? No inventory that revealed actual assets? Come on, folks. Petters wasn't the only one here that gave in to the temptation of greed.

Your right on! GREED for everyone involved!!

This would of continued forever until the recession exposed the scheme, NOT Deanna Coleman. The only option she had was to rat out a rat and get a lighter sentence.

Get rich quick schemes are everywhere and anywhere all the time, this once was just
bigger and better.

Good luck with your money on these kinds of schemes and take your money & profits out
ASAP when you make the profit!!!!

Don't be left holding the bag like most of these scheme investors!!!!

[Irish Muse]

Sounds like Petters was writing a chapter to Bernie Madoff's "Book for Green$'s". Looks like the greed for the greenbacks will get Petters three meals, a cot, and a roof over his head for a long time in a Federal penitentiary.

The following maybe wishing thinking but it is appropriate for Petter's crimes:

Hope he is strong enough to break all those rocks in the pen's quarry or he is assigned to the proposed public works chain gangs. I wonder how many lifetimes it will take to pay his debt to society off? Couldn't happen to a nicer fellow?

[gtVoyageur]

From the way this story is progressing, I wonder why Petters didn't go into politics? He would have felt at home with this greedy cadre of political hooligans. Oh, well, greed begets greed!

[WhatEver]

Deikel testified that Petters offered him shares in UBid. It turned out to be a fraud. Strange that Petters and Deikel both traveled to Chicago in August 2008 to buy more shares in Enable Holdings. One month before Petters was arrested. If Petters owned Deikel 10 million dollars, why would he allow Petters to buy more shares? I would say, "hey buddy, where's my money?" Something here, just isn't right. Come on! How stupid do you think people are?
http://www.reuters.com/article/pressRelease/i...

[Sams song]

NeoCon Junta wrote:

So in 1998 Jacobs knew Petters was doing something illegal and di not report hi, White guys stick together.

Good question, but it's a question no one wants to explore.

Irwin Jacobs was an organized crime operative way back when Petters was still crapping in his diapers.

[WhatEver]

"The next witness was Ray Ross, a retiree living in Arizona. Ross was involved with Charis MInistries when he met Frank Vennes in jail. Ross invested his $491,000 nest egg with Vennes and Vennes invested it in Petters and now it's all gone and Ross and his wife have to live on Social Security."

[Sams song]

WhatEver wrote:

"The next witness was Ray Ross, a retiree living in Arizona. Ross was involved with Charis MInistries when he met Frank Vennes in jail. Ross invested his $491,000 nest egg with Vennes and Vennes invested it in Petters and now it's all gone and Ross and his wife have to live on Social Security."

Janet Leck the other witness in this fraud of a trial, is a Director on the board of Charis Ministries.
http://www.charismn.com/board.php

http://twincities.bizjournals.com/twincities/...

[WhatEver]

Sams song, you are very informative. Keep up the great work!

[Sams song]

WhatEver wrote:

Sams song, you are very informative. Keep up the great work!

Larry Reservitz AKA Larry Reynolds former employer Lily Artenstein, owner of Eurostar, Inc. in Los Angeles is a trustee of the powerful Israel lobbying group/think tank AIPAC.

http://www.irmep.org/Policy_Briefs/winep.htm

http://en.wikipedia.org/wiki/AIPAC

[WhatEver]

Very Interesting. Good information on the other Topix forum also. Thanks for coming back.
http://www.topix.com/forum/city/minneapolis-m...

[Mary]

WhatEver wrote:

"The next witness was Ray Ross, a retiree living in Arizona. Ross was involved with Charis MInistries when he met Frank Vennes in jail. Ross invested his $491,000 nest egg with Vennes and Vennes invested it in Petters and now it's all gone and Ross and his wife have to live on Social Security."

Ray sounds like a complete idiot.

[WhatEver]

I agree. And now he is trying to protect Frank Vennes. He would have never testified if the government didn't contact him. But you must understand that Mr. Ross met Mr. Vennes while they were in jail.

[Javier]

There doesn't appear to be any "honor among theives" here. Its turning out to be a literal Who's Who of crooks.

Lock 'em all up!

[Mary]

WhatEver wrote:

I agree. And now he is trying to protect Frank Vennes. He would have never testified if the government didn't contact him. But you must understand that Mr. Ross met Mr. Vennes while they were in jail.

Exactly, that's why he is an idiot.

[WhatEver]

Javier wrote:

There doesn't appear to be any "honor among theives" here. Its turning out to be a literal Who's Who of crooks.
Lock 'em all up!

They are all crooks. It will be interesting to see who Petters has an witnesses. Family members of course.