Distribution of Vennes' assets at issue

Distribution of Vennes' assets at issue

There are 5 comments on the TwinCities.com story from Dec 17, 2010, titled Distribution of Vennes' assets at issue. In it, TwinCities.com reports that:

While Frank Vennes Jr. has not been charged with a crime in the Tom Petters Ponzi scheme, his attorney gave an idea Friday what his defense might look like.

Join the discussion below, or Read more at TwinCities.com.

Brenda Grantland

Ross, CA

#1 Dec 18, 2010
The inconsistency with which the government and Vennes Receiver are proposing treating Petters' direct investors and those who invested in Metro Gem is astounding. If Petters was a Ponzi scheme as the media reports, all of the money Petters distributed in interest payments to his investors was actually money invested by other investors, including everything held by the Metro Gem receiver. Metro Gem netted huge profits from Petters, and this proposed settlement would distribute the money seized from Metro Gem only to Metro Gem's investors -- even to MG investors who netted profits from Metro Gem. Yet Kelley's clawback suits are trying to get money back from direct victims that netted losses from the Petters' scam. Kelley should be clawing back money from net winners like Metro Gem. Judge Montgomery should nix the Vennes plan.

I am an attorney for Ritchie Capital Management.
Clarence Thomas

Santa Clara, CA

#2 Dec 18, 2010
Brenda Grantland wrote:
The inconsistency with which the government and Vennes Receiver are proposing treating Petters' direct investors and those who invested in Metro Gem is astounding. If Petters was a Ponzi scheme as the media reports, all of the money Petters distributed in interest payments to his investors was actually money invested by other investors, including everything held by the Metro Gem receiver. Metro Gem netted huge profits from Petters, and this proposed settlement would distribute the money seized from Metro Gem only to Metro Gem's investors -- even to MG investors who netted profits from Metro Gem. Yet Kelley's clawback suits are trying to get money back from direct victims that netted losses from the Petters' scam. Kelley should be clawing back money from net winners like Metro Gem. Judge Montgomery should nix the Vennes plan.
I am an attorney for Ritchie Capital Management.
Lady, you have no chance!
whats really going on

United States

#3 Dec 18, 2010
The real issue here is: how in the hell is Vennes not in jail? Take everything he ever earned from this Ponzi scheme and give it back to the people he ripped off. He sold himself as a God ordained authority on money. This is no different than a creepy TV evangelist recruiting donations, enriching the cult leader.
Mike

Williston, ND

#4 Dec 18, 2010
whats really going on wrote:
The real issue here is: how in the hell is Vennes not in jail? Take everything he ever earned from this Ponzi scheme and give it back to the people he ripped off. He sold himself as a God ordained authority on money. This is no different than a creepy TV evangelist recruiting donations, enriching the cult leader.
Before you write like this maybe you should learn how to read the news article. Let me help you. FRANK VENNES WAS NOT INVOLVED IN THE SCHEME HE WAS A VICTIM LIKE OTHERS, HE WILL ALSO LOSE LIKE ALL THE OTHERS AS HE HAS ALREADY COMMITTED EVERYTHING HE HAS TO PAY BACK THOSE THAT BORROWED HIM THEIR MONEY. It really isnt very complicated now is it! If you need another picture read Hebrews 10:32-39 in your bible if you have one, if not borrow one, it is very good reading and often times relevent to our own lives. Let me know what you think.
Logic

Johnson City, TN

#34 Dec 28, 2010
Think wrote:
<quoted text>
You're an idiot. Read the affidavit and think about the puke you have written above.
I read the affidavits. The allegations rise to the level of chargeable offenses. Do you think maybe there is a problem with the truthfulness of the affidavits? Or do you think the reason there's no charges is just out of the goodness of the prosecutors heart? Wake up.

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