Petters Case: Confessions of Fraud, Stupidity, and Rationalized Behavior

Vindicated

Boy Tom Foolery had hit the nail on the proverbial head. Greg Bell pleads guilty and it is a big secret his partner Marty Lackner committed suicide right before Greg Bell was arrested.

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Bigger secret yet - Marty Lackner was brother to J Lackner Asst US Attorney in MN.

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What conversations prompted Marty to take the odd way out?

Laser Haas of CA @ Nov 12, 2009 11:35:49 AM

Questions on Bell

Where is and who is Gregory Bell?

www.petters-fraud.com

Laser Haas of CA @ Apr 29, 2009 07:56:26 AM

tom petters

Everybody involved with raising money for the Petters ventures should pay. The money they made from raising money should be returned. I don't care if they say that the money was left in the fund, and that they lost money too. They have to take some responsibility for getting people involved.

fredrik nielsen of IL @ Oct 23, 2008 12:02:27 PM

Tom Foolery!!!!

I lost millions in the hedge fund. My questions always centered around the fraud aspect. We were getting 10 to 12 percent annualized. The fund general partner assured us that collateral was being inspected, there were liens, credit insurance, an special purpose vehicle to steer the money. The safety valves were all supposed to be in place. He didn't say the other side [Petters] controlled this.

This was an asset backed lending fund. The funds backed by assets. The most fundamental thing was to have the assets to collateralize the loan. My risk wasn't in the business model it was in the fraud. We banged on that fraud door not because we suspected it but because it was risk that had to be tied down.

3 billion is missing on what seems to be nothing more than a grade school trick. These weren't young wiz kids who pulled a great electronic scam. The Petters bunch weren't great masterminds. These are 3 men and 1 woman averaging about 60 years old. They were presenting "paper" documents and walking away with billions.

One might say hindsight is 20-20. But my contention is that the General was grossly negligent if no complicit in this nightmare. It would seem that all he saw was 2 and 20. The standard for hedge funds. He stood to make hundreds of millions just for raising the money. Again was he negligent or complicit??

I wouldn't say he and Petters were in on it together. Petters wouldn't protect him. But at what point does your curiosity grow. Is it at 200 million, 500, 1 billion or 1.6 billion?? Where does Petters store 1.6 million wide screen TV's at 1000 dollars each?? As a general aren't you a bit nervous about that much money? Don't you want to have your hand around the throat of that all the time?? Your even borrowing tens of millions from banks because Petters asked you to?? How about a couple of phone calls to Costco, BJ's or Sams Club. Lets just check out the relationships between everyone. The manufacturers too.

All these questions have ceased to be answered because of litigation. Where is the money? 30% in redemptions, 250 million to charity, Paid cronies 100 to 200 million. A gambling debt to the Ballagio is standing at 10 million. That may mean he lost 400 million in 7 years. Lavish lifestyle, expensive ribbon cutting galas, jets cars, family enrichment. In a ponzi scheme the music stops because there are no chairs. The money is all gone. If they find 150 million thats less than 5% needed before lawyers and IRS take theirs.

Petters is a disgrace. When the Feds chased him up the stairs, he was headed for a 22 caliber to end it. He didn't want to face the reality of how many lives were destroyed. More importantly, [to him] he didn't want to go to jail for the rest of his life.

I'm not sure the hedge fund managers shouldn't head for the same 22 caliber. Only greed on their part could possibly allowed this. I'm not sure it's not criminal.

INVESTIGATE GREG BELL [LANCELOT]

of IL @ Oct 23, 2008 10:55:00 AM

Good Article...

Many of us got hurt by this crook. I hope they throw the key away.

Brad Burk of MA @ Oct 23, 2008 07:54:11 AM

You are right, Robert

There are a lot of people here who were impacted by this story, and I simply thought it was an interesting one.

thanks for commenting.

wwds of MN @ Oct 22, 2008 12:00:56 PM