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Owner of Low-Cost Carrier Jailed for Fraud
Businessman Tom Petters was arrested in Minnesota on Friday as part of a federal fraud investigation. He is the head of an investment group that owns Sun Country Airlines, along with stakes in several other businesses. He was charged with wire and mail fraud, money laundering and obstruction of justice. Investigators allege that he masterminded a plan to bilk other investors out of at least one billion dollars. A federal judge in Minneapolis order Petters to be held without bail after a taped phone conversation revealed that the disgraced entrepreneur planned to leave the country. A hearing is scheduled for Tuesday. Petters has stated that he plans to fight to be released from custody and maintains his innocence.
What does this mean for Sun Country? The struggling budget carrier has always operated on a shoestring. Petters has agreed to step down from his decision-making position so that the airline will not be harmed by the scandal. However, the scandal comes on the heels of the announcement that Sun Country is struggling and will be "temporarily" cutting staff's salaries by 50%.
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Reader Comments (Page 2 of 2)
Ron Oct 7th 2008 5:23PM
RDP is 100% correct. Amazing. That little synopsis is all the truth. Better than anything CNN (Clinton News Network) has ever reported on. Being in the Real Estate profession, the NO CREDIT? NO JOB? NO MONEY? NO PROBLEM loan IS what caused this mess! Just pick out a house.
Perry Green Oct 7th 2008 7:29PM
Who can stop this runaway train to complete chaos, certainly not the giveaway mentality of the democratic left wing of the party which now is in complete control of the treasury with the looming victory of their annointed one.
My God, Obama will make your dollars worth .05 cents or less. If you are able to pay his increase in taxes and his childish welfare programs where now the whole country depends on the dole, including big business.