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A measure buried in a state budget bill would limit the funds that cheated investors could recover from those groups.
Over the past decade, Minneapolis attorney Doug Kelley has pursued institutional investors, individuals and about 30 charities that got money from Petters and prompted all but three of them to return millions that originated with Petters’ ill-gotten gains.
He has been a reporter in the metro and state sections as well as Variety.
Prior to working for the Star Tribune, Jon was Senior Writer for the Twin Cities Reader.
The other red flag was the exorbitant interest rate on the note.
Last year a federal judge sided with Kelley, ruling that money paid to investors, participants and charities was all gotten illegally, and thus “stolen from other participants.” Kelley says this bill, if passed, would essentially negate the judge’s decision.FILE -- In this 2008 photo, Tom Petters is introduced by President of Petters Aviation Jay Salmen, Petters then spoke to employees and invited guests at an open house for Petters Aviation at Minneapolis-St. Even from his cell in Leavenworth, prisoner 14170-041 continues to haunt Minnesota, this time at the state Legislature.Tom Petters, who’s incarcerated for 50 years for one of the largest Ponzi schemes in American history, donated millions to charities and religious organizations before his scam was uncovered.The measure in the Legislature would allow the three remaining charities to keep the millions they gained from investing securities given to them by Petters.The charities are the Minneapolis Foundation; the Northwestern Foundation, affiliated with the University of Northwestern, a Christian college in Roseville; and the Sabes Foundation.