$10M policy pays Petters team

$10M policy pays Petters team

There are 17 comments on the TwinCities.com story from Dec 18, 2009, titled $10M policy pays Petters team. In it, TwinCities.com reports that:

Tom Petters' criminal fraud trial is long over and the guilty verdicts are in, but the source of cash paying for his criminal defense doesn't appear likely to dry up anytime soon.

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

Tired of it all

South Saint Paul, MN

#1 Dec 19, 2009
Gee what are the odds??

Everyone else get's F--ed.

The lawyers get paid in full with funds left over just in case. Wow. Funny how that will happen.
Storm Front

Minneapolis, MN

#3 Dec 19, 2009
Nothing like needing an insurance policy to to cover your legal fees when criminally charged. LOL
felix

Saint Paul, MN

#4 Dec 19, 2009
interesting st.johns waited for the guilty verdict to return the 200k, as if he was innocent. - lol - hopein the big buck lawyers could get him off
WhatEver

Tucson, AZ

#5 Dec 19, 2009
So who is paying the legal fees for Petters' Cohorts who have already pleaded guilty?
Ponzi

Saint Paul, MN

#6 Dec 19, 2009
Insurance from Bermuda....what a nice location for someone guilty of multiple counts!

You notice not one person in the Twin Cities business community asked where this guy came from and how his business arose so quickly!?
Susie

Menomonie, WI

#7 Dec 19, 2009
Tired of it all wrote:
Gee what are the odds??
Everyone else get's F--ed.
The lawyers get paid in full with funds left over just in case. Wow. Funny how that will happen.
How do you know the lawyers are "paid in full?" And, they weren't paid from funds left over. The article speaks of directors and officer's insurance.

Since: Feb 08

Baldwin City, KS

#8 Dec 20, 2009
In our litigatious society it would be damn near impossible to find anyone to serve on a board of directors for anything, from Petter organization to the local non-profit animal shelter, if the organization didn't have this insurance.

Don't worry; these insurance companies don't like to pay out any more than others, and have ways to minimize exposure and recover money via subrogation and other means.

And, of course, they have to pay their own lawyers!
Mark From Minnesota

Saint Paul, MN

#9 Dec 20, 2009
Whatever asks "Whos paying for Petters Cohorts that already made plea deals?"

The answer is that Doug Kelley is paying those fees, from money that is intended for victims of the Petters fraud. These are the points made by stop the petters scam foundation and second fraud, the video (google it). Instead of the money going to the victims who have lost all the money, the money is really being divided up in back rooms to go to pay lawyer fees and for the receivership to administer...and we as the public thought that the stolen money was really for the victims?? We are all very naive.
Elvis Aaron Presley

Hopkins, MN

#10 Dec 20, 2009
can someone explain this in english???? petters took out an insurance policy for liablity in a criminal trial?

or am i misunderstanding?
Wenga T Orips

Inver Grove Heights, MN

#11 Dec 20, 2009
This article made my holiday season perfect. I was spending sleepless nights wondering how and when Petter's legal fees were being paid.
Using my psychic powers, I am now going to predict precisely when Petter's attorneys are going to stop filing appeals:
(drum roll)
The Day the Insurance Runs Out.
Thus is justice served in our fair land.
Season's Greetings to all!
TaxTaxTax

Minneapolis, MN

#12 Dec 20, 2009
I think bother Petters and Hecker should be checking out to see if their life insurance policies exclude death while incarcerated. That's where their next claims will proabaly occur.
Rot in Jail

Minneapolis, MN

#13 Dec 20, 2009
Hopefully there's an overworked judge who finds legitimate reasons to decline wasteful appeals. If that trial was Petters' best defense (including his own laughable testimony (I forgot, I didn't know, my friends did it, I don't think that's my voice on those recordings, HAHAHAHAHA)), he's better off applying the money to KY Jelly instead of on attorneys for flimsy appeals.

“it takes a lot to laugh”

Since: Oct 09

St Paul

#14 Dec 20, 2009
Wenga T Orips wrote:
This article made my holiday season perfect. I was spending sleepless nights wondering how and when Petter's legal fees were being paid.
Using my psychic powers, I am now going to predict precisely when Petter's attorneys are going to stop filing appeals:
(drum roll)
The Day the Insurance Runs Out.
Thus is justice served in our fair land.
Season's Greetings to all!
You beat me to it! Great post and you can bet the will milk every dime out of that policy. I still cant figure why you would need a policy like that, it seems to me an admission of guilt/wrongdoing.
wtf

Saint Paul, MN

#15 Dec 21, 2009
So you can buy the insurance while the trial is going on?

Too bad you can't buy car insurance after the accident too to make the repairs.
WhatEver

Tucson, AZ

#17 Dec 28, 2009
Hey just a minute here. Was this insurance policy bought with ponzi money, just like every other asset Petters had?
OBVIOUS

Minneapolis, MN

#18 Dec 29, 2009
No Mr Petters paid for that out of his salary from working at the 7-11 down the street from his home.
Candace

Madison, WI

#19 Dec 29, 2009
Mark From Minnesota wrote:
Whatever asks "Whos paying for Petters Cohorts that already made plea deals?"
The answer is that Doug Kelley is paying those fees, from money that is intended for victims of the Petters fraud. These are the points made by stop the petters scam foundation and second fraud, the video (google it). Instead of the money going to the victims who have lost all the money, the money is really being divided up in back rooms to go to pay lawyer fees and for the receivership to administer...and we as the public thought that the stolen money was really for the victims?? We are all very naive.
Considering his cohorts were in it up to their ears, they are skimming by with their defense paid, lighter sentences and no felony convictions? That alone would be a scam.

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