Petters’ Forger Gets Five Years

Sep 17 2010 | 1:13am ET

Robert White, whose forgeries helped fuel Thomas Petters’ $3.65 billion Ponzi scheme, has been sentenced to five years in prison.

White admitted he forged 10,000 documents that Petters, a Minnesota businessman and hedge fund manager, used to show investors purported consumer electronics sales backing bogus notes. At least 20 hedge funds were victimized by the scam, and at least one helped him cover up his crimes. Petters was convicted of fraud last year and sentenced to 50 years in prison.

White testified against Petters and “built up the government’s case in a major way,” U.S. District Judge Richard Kyle said. But Kyle rejected White’s bid to receive the same year-and-a-day sentence as Petters whistleblower Deanna Coleman. Still, White could have received up to 20 years in prison; with good behavior, he could be out of prison in three years.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note