Tom Petters - Net Worth, Age, Height, Birthday, Bio, Wiki!
Explore Tom Petters net worth, age, height, bio, birthday, wiki, and salary! In this article, we will discover how old is Tom Petters? Who is Tom Petters dating now & how much money does Tom Petters have?
| Name | Tom Petters |
| First Name | Tom |
| Last Name | Petters |
| Occupation | Businessman |
| Birthday | July 11 |
| Birth Year | 1957 |
| Place of Birth | St. Cloud |
| Home Town | Minnesota |
| Birth Country | United States |
| Birth Sign | Cancer |
| Full/Birth Name | |
| Father | Not Available |
| Mother | Not Available |
| Siblings | Not Available |
| Spouse | Not Known |
| Children(s) | Jennifer Petters |
Tom Petters Biography
Tom Petters is one of the most popular and richest Businessman who was born on July 11, 1957 in St. Cloud, Minnesota, United States.
In 1988, Petters moved back to Minnesota and founded Amicus Trading, a wholesale brokerage; the name was later changed to The Petters Company, and it marketed consumer merchandise. In 1995 he started Petters Warehouse Direct to sell closeout, overstock and bankrupt company merchandise from a store in Minnetonka, Minnesota, and later in the Twin Cities and greater Minnesota. In 1998, he moved online to sell discounted merchandise through redtag.com, operated by RedTag Inc.; by 2000 he sold his Petters Warehouse Direct stores to focus on his online business, based in Eden Prairie, Minnesota. He teamed up with direct-mail merchandise company Fingerhut Companies Inc. in 2001 to start a new online store, Redtagbiz.com, which reported sales of $1 billion per year at one point.
Between 1998 and 2008, Petters created a series of investment funds through which he raised in excess of $4 billion through a variety of Ponzi schemes. These fund family names included Arrowhead, Lancelot, Palm Beach and Stewardship. Through these funds, Petters perpetrated the third-largest hedge fund fraud case in U.S. history. Petters used these funds to finance his big box and other acquisitions. He then fabricated retail orders from those acquisitions and used them as collateral to borrow more money through the funds.
Petters was raised with six siblings in St. Cloud, Minnesota. He worked at the tailor, fur and fabric shop founded by his great-grandfather and operated by his family for over 100 years. In 1973, while still in high school, he started Ear Electronics, a mail-order stereo company aimed at college students. Petters completed only one semester of college before dropping out to pursue a career. In the early 1980s, Petters worked in Colorado as a regional manager at an electronics store chain; when that business went bankrupt, he purchased five of its locations in Colorado and Kansas.
Tom Petters Net Worth
Tom is one of the richest Businessman from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Tom Petters's net worth $5 Million. (Last Update: January 13, 2024)
| Net Worth | $5 Million |
| Salary | Under Review |
| Source of Income | Businessman |
| Cars | Not Available |
| House | Living in own house. |
Petters formed the John T. Petters Foundation to provide gifts and endowments at select universities to benefit future college students. The foundation was formed to honor his son, John Thomas Petters, who was killed on a visit in 2004 to Florence, Italy. The college student inadvertently wandered onto private property where the owner, Alfio Raugei, mistook him for an intruder and stabbed him to death.” In response, in September 2004, Tom Petters pledged $10 million to his late son’s college, Miami University. He later promised an additional $4 million, with the total to support two professorships and the John T. Petters Center for Leadership, Ethics and Skills Development within the Farmer School of Business. Miami University has since returned Petters’ donation following his conviction. Petters also donated $12 million to Rollins College in Winter Park, Florida, where he was a member of the Board of Trustees, to create two new faculty chairs in International Business.
In January 2005, Petters Group Worldwide purchased the Polaroid brand for $426 million, with plans to use it on consumer electronics and new technologies. In 2006, Petters Group Worldwide acquired Sun Country Airlines. Petters Group Worldwide became a diverse holding company with 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20. With offices in North America, South America, Asia, and Europe, it had $2.3 billion in revenue in 2007.
Ethnicity, religion & political views
Many peoples want to know what is Tom Petters ethnicity, nationality, Ancestry & Race? Let's check it out! As per public resource, IMDb & Wikipedia, Tom Petters's ethnicity is Not Known. We will update Tom Petters's religion & political views in this article. Please check the article again after few days.
When Fingerhut’s owner, Federated Department Stores, decided to sell or close the company in 2002, Petters teamed with former Fingerhut chairman Ted Deikel to buy the Fingerhut name, customer list, and buildings in St. Cloud, Minnetonka, and Plymouth, Minnesota and Tennessee. The acquisition closed in June 2002, and all of Petters’s operations moved into Fingerhut’s former headquarters in Minnetonka. Deikel assumed direction of Fingerhut Direct Marketing Inc., which created catalogs, and Petters operated Fingerhut Fulfillment, based at a St. Cloud distribution center. The new Fingerhut restarted with online and catalog sales in November 2002. In April 2003, The Petters Group, with two minority investors, purchased uBid. The same month, Fingerhut Direct Inc. announced it had obtained a $100 million line of credit to finance inventory and receivables. In 2003, Petters invested in Nazca Solutions, whose CEO was Ted Mondale. Deikel sold his interest in Fingerhut in 2004.
Who is Tom Petters Dating?
According to our records, Tom Petters is possibily single & has not been previously engaged. As of January 13, 2024, Tom Petters’s is not dating anyone.
Relationships Record: We have no records of past relationships for Tom Petters. You may help us to build the dating records for Tom Petters!The FBI Criminal Complaint identifies First Regional Bank, Los Angeles (Century City), California as the bank that moved more than 11 billion dollars through an account for Nationwide International Resources Inc. of Los Angeles. In a separate legal filing in February 2008, more than seven months before the Petters allegations surfaced, the Federal Deposit Insurance Corporation (FDIC) issued a cease and desist order citing First Regional Bank for failing to comply with regulations regarding money laundering with respect to Individual Retirement Accounts and violating rules regarding reporting suspicious activity.
Height, Weight & Body Measurements
Tom Petters height Not available right now. Tom weight Not Known & body measurements will update soon.
| Height | Unknown |
| Weight | Not Known |
| Body Measurements | Under Review |
| Eye Color | Not Available |
| Hair Color | Not Available |
| Feet/Shoe Size | Not Available |
Petters was appointed to the board of trustees for the College of St. Benedict in 2002; his mother had attended the school. In 2006 he gave $2 million for improvements to St. John’s Abbey on the campus of adjacent Saint John’s University. In light of the criminal prosecution, St. John’s Abbey arranged to return the $2 million gift to the court-appointed receiver for the Petters bankruptcy. In October 2007, Petters made a $5.3 million gift to the College of St. Benedict to create the Thomas J. Petters Center for Global Education. In 2006, he served as a co-chairman of a capital campaign at his high school, Cathedral High School, and offered to match donations up to $750,000.
Petters’ legal troubles led to Sun Country Airlines filing for bankruptcy; the airline had been relying on an operating loan from Petters, who owned all the voting shares of Sun Country, to help the low-fare carrier pay its bills during the months of October and November 2008.
Facts & Trivia
Tom Ranked on the list of most popular Businessman. Also ranked in the elit list of famous people born in United States. Tom Petters celebrates birthday on July 11 of every year.
In about 2008, the FBI began investigating Petters for his role in a fraud scheme involving more than $100 million in investments. On September 24, 2008, federal investigators raided the Petters headquarters in Minnetonka and searched Tom Petters’ Wayzata home. Documents released by the FBI, IRS, and other federal agencies noted that they were seeking evidence of a scheme to lure investors into funding a company based on tens of millions of dollars in purchases and sales that never occurred. The documents noted that a witness associated with Petters and his company came forward with documents and other information, and later wore a hidden microphone and recorded several conversations involving Petters and others who carried out the fraud. The affidavit alleges that Petters repeatedly admitted to the fraud scheme of providing false information to investors in the tapes; in addition, Petters admitted to falsifying his tax returns. On September 29, he resigned as the head of Petters Group Worldwide.
How did Tom Petters get caught?
Circa 2008, the FBI began investigating Petters for his role in a fraud scheme involving more than $100 million in investments. On September 24, 2008, federal investigators raided the Petters headquarters in Minnetonka and searched Tom Petters’ Wayzata home.
Is Fingerhut a pyramid scheme?
The Story of Tom Petters His company, Petters Group Worldwide, owned brands like Polaroid and Fingerhut, as well as a controlling share of Sun Country Airlines. As federal agents learned, though, these legitimate businesses were propped up entirely by a $3.5 billion Ponzi scheme.
Where is Denny Hecker now?
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How much did Bernie Madoff steal?
Bernie Madoff masterminded the biggest investment fraud in U.S. history, ripping off tens of thousands of people of as much as $65 billion. Madoff was serving a 150-year prison sentence for his scheme, which investigators said defrauded as many as 37,000 people in 136 countries over four decades.
Who is the owner of Fingerhut?
| Founder | William and Manny Fingerhut |
| Headquarters | Saint Cloud, Minnesota, U.S. |
| Revenue | US$500 million (2008) |
| Owner | Bluestem Brands, Inc. |
