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  1. QUESTION

     

     

    discuss one of the most notorious financial criminals in contemporary and modern times committed by Tom Petters.

     

     

 

Subject Law and governance Pages 2 Style APA

Answer

Financial Crimes Committed by Tom Petters

Thomas J. Petters was sentenced 50 years in prison for financial crimes including ten counts of wire defraud, three counts of mail scam, and one count of scheme to carry out money laundering and five counts of funds laundering in connection with his operation of multi-billion Ponzi scheme (Hugues, 2020). According to Dery and Bickford (2019), the Attorney’s bureau of Minnesota District recovered a quantity of the scam’s proceeds using public and scandalous forfeit proceedings. The forfeited money was returned to the affected individuals by a procedure identified as “remission” (Dery & Bickford, 2019). The Remission process was certified by the national Act, including Title 28, Code of Federal Regulations, part 9.

Since the entire worth of the apprehended possessions was lesser than the victim’s loses, remission costs were estimated based on the magnitude of entitled petition and the certified loss linked with the appeal. Cross (2021) indicates that all possessions forfeited until today have been allocated to petitioners whose appeal for remission was approved by the Justice Department. Supplementary allocations would be conducted if extra possessions/funds are recognized and forfeited to the U. S. (Singh & Maria, 2019). The exact moment for the future allocations, whether there is any, is yet to be determined.

References

Cross, C. (2021). Anatomy of a Ponzi Scheme: Scams Past and Present: The New York Times Bestseller. Slice Publishing Mystery and Thriller Books. https://books.google.co.ke/books?hl=en&lr=&id=6A5pBQAAQBAJ&oi=fnd&pg=PT2&dq=tom+petters+ponzi+scheme&ots=gwCIx5tVd1&sig=_HzslsA2iSu63GE9i8vIQ_9zoVg&redir_esc=y#v=onepage&q=tom%20petters%20ponzi%20scheme&f=false

Dery, A. W., & Bickford, J. (2019). Transferring Forfeited Assets to Victims through Remission, Restoration, and Restitution. US Att’ys Bull.67, 219. https://heinonline.org/HOL/LandingPage?handle=hein.journals/usab67&div=51&id=&page=

Hugues, A. (2020). Tom Petters found guilty of Ponzi scheme fraud. Reuters.

Singh, K. D., & Maria, A. V. (2019). Bankruptcy Fraud and Victim Redressal System: A Time for Change. Journal of Victimology and Victim Justice2(2), 184-201. https://journals.sagepub.com/doi/abs/10.1177/2516606919841792

 

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