In this article, Petters' business partners confess their involvement in the investment scheme; Petters' business, for over 12 years, created false documents to fool investors into funding fake merchandise. The company gathered over $3 billion from fraudulent loans. The process included falsifying bank documents, purchase orders and invoices in order to convince lenders and investors to fund their business. The laundered money was used to keep the scheme alive, and pay large bonuses to the employees helping the clandestine business. But most of all, a large portion was in the hands of Petters, helping him live a lavished lifestyle. This week, a whistle blower, by the name of Deanna Coleman, uncovered and admitted to participating in the scandal, and offered to help investigators with Petters' case. She, as well as other partners who came forth, are looking at huge fines and many years in jail. Petters', at this point, is in jail, and could be sentenced to life.
I am amazed that this scandal lasted so long! It's crazy to think that Petters' got away with 12 years of fraud, and made so much dough! No one gets away with something like this though, it always comes and bites you in the butt! Yet the way the company totally made up merchandise, and the lenders didn't even think to look into it is SO strange to me! How long would the scandal have continued if it hadn't been for Deanna Coleman? She, to me, is somewhat of a hero. I know she committed a very large crime but to have the guts to confess, knowing she was screwed in the situation, shows she is a strong woman. I hope Petters' gets what he deserves, and way to go Coleman!!
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