Tom Petters Net Worth: Tom Petters is an American businessman who has a net worth of $50 thousand. Tom Petters was born in St. Cloud, Minnesota in July 1957. He was the chairman and CEO of Petters Group Worldwide but was convicted of massive business fraud in 2009. Petters is imprisoned at the United States Penitentiary, Leavenworth.
He resigned as his company's CEO in September 2008 and was convicted of numerous federal crimes for operating Petters Group Worldwide as a Ponzi scheme worth $3.65 billion. Petters received a 50 year federal sentence. Petters was convicted of 10 counts of wire fraud, 3 counts of mail fraud, 5 counts of money laundering, and a count each of conspiracy to commit mail and wire fraud and of conspiracy to commit money laundering.
Petters started a mail-order stereo company called Ear Electronics while he was in high school. He purchased five electronics stores in Colorado and Kansas. He founded Amicus Trading and later changed the name to The Petters Company. He started Petters Warehouse Direct to sell closeout and overstock merchandise. Petters teamed up with Fingerhut Companies Inc. to start the new online store Redtagbiz.com.
