Wiretaps based on information gleaned from a confidential co-conspirator are alleged to detail the existence of a $2 billion investment fraud.
[3] A federal court appointed Doug Kelley, a lawyer, as receiver for the Petters companies, excluding bankrupt Sun Country.
[6] On April 8, 2010, Thomas J. Petters was sentenced to 50 years in federal prison for all counts related to running the Ponzi scheme.
[7] In early November 2010, the Hennepin County attorney's office filed drug possession charges against former Petters Group General Counsel David Baer, based on a safe full of illegal drugs under his office desk allegedly found by federal agents during the September 24, 2008 raid.
He also received three years' probation from the Minnesota Supreme Court pursuant to a complaint from the Office of Lawyers Professional Responsibility.