In 2010, Minnesota businessman Tom Petters was sentenced to 50 years in prison for fraud, conspiracy and money laundering as part of his $3.65 billion Ponzi scheme. It is considered the second largest Ponzi ring to Bernie Madoff's. Petters was the CEO and chairman of Petters Group Worldwide, a diversified company with assets like Sun Country Airlines and Polaroid. Petters and his partners convinced investors to give money to buy electronics that would be sold to retailers like Costco and Sam's Club. However, Petters instead diverted the funds to support his other businesses and pay back other investors. Petter's lavish living and deception ended when Vice President of Operations for Petters Co., Deanna Coleman, testified to helping Petters with his scheme for 10 years. Since Petters was 52 at his sentencing, he will likely spend the rest of his life behind bars.
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