GE Agrees To Pay $19 Million In Minnesota Ponzi Scheme Case -Report
May 31 2012 - 9:11AM
Dow Jones News
General Electric Corp. (GE) has agreed to repay $19 million in
lending proceeds linked to a former Minnesota businessman convicted
of running a massive Ponzi scheme, the (Minneapolis) Star Tribune
reported Wednesday on its website.
GE was a principal lender to Tom Petters, who was found guilty
of orchestrating the Ponzi scheme and sentenced to 50 years in
prison. Petters is appealing the verdict.
GE, in a filing in the U.S. Bankruptcy Court in St. Paul, Minn.,
agreed to the $19 million payment but denied "any and all
liability." The action came after confidential mediation talks with
Petters bankruptcy trustee Doug Kelley.
GE declined comment to the Star-Tribune.
Full story at: www.startribune.com/business/155839075.html
-Dow Jones Newswires; 212-416-2900
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