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Tom Petters Was Pretty Sure He Was Going to End Up in a Dumpster Somewhere
Tom Petters doesn’t buy the whole Minnesota nice routine. Can’t say we blame the guy. If we were robbing people blind we’d be suspicious of every Marge Gunderson in the Twin Cities too.
According to a tape recording from yesterday’s proceedings, the stress of ripping people off for so long was causing him to freak out a little.
“Nobody’s paying us,” Petters said on the 30-minute recording made Sept. 22, 2008, by federal authorities with the help of Coleman. “I can’t stand lying to people every day.”
“We’re at a breaking point,” Petters said on the tape. “I can’t stand where we are. … None of us are OK. … We’ve got problems. I’m trying as hard as I can to find a way out of this. I don’t think we can all think clearly anymore.”
He said he was afraid that Robert W. Sabes, 69, formerly of Wayzata, and his son Jon R. Sabes, 43, of Wayzata, who authorities say had invested $17 million to $19 million, might kill him.
“Jon Sabes needs to calm down a bit,” Petters said, adding that he believed Sabes was connected to organized crime. “They are bad, bad people. I think he’d kill me.”
Now maybe this goes back to whole notion that TP had the attention span of a dog with above average intelligence (still a disservice to the breed in our book) but if you steal $19 mil from anyone, they’re going to want to kill you. Call it a hunch.
For the Sabes’ part, they may have had some shady connections but Tom Petters doesn’t strike us as the type of guy that attracted devout religious types. When reached for comment, Robert Sabes was quoted as saying, ‘I think he’s been watching “The Sopranos” too much.’
Yep. Pretty sure he was going to kill that guy.
Petters feared mob hit [Minneapolis Star-Tribune]
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Former BDO Partner Gets Probation For Cheating on His Taxes
Poor BDO, they never get in the news. But hey, they do today!
Former BDO partner George Mark got off easy this week when U.S. District Judge Nora Barry Fischer said he didn’t deserve to go to jail thanks to his “extraordinary” charitable efforts and remorse for his actions. Mark’s tax evasion was uncovered during an investigation into Pennsylvania beverage company Le-Nature’s, who apparently specialized in nepotism, ass water and fraud.
Mark will instead serve two years of probation and pay a fine of $30,000.
A federal jury recently found Le-Nature’s former president Robert B. Lynn guilty of 10 counts of bank fraud, wire fraud and conspiracy. The jury found him not guilty on 10 additional fraud counts and deadlocked on five others, which left Senior U.S. District Judge Alan Bloch Jr. no other choice than to declare a mistrial on the remaining charges. The company’s CEO Gregory Podlucky and other company officers are facing prison for their part of a $37 million fraud.
While investigating Le-Nature’s ugly mess, the IRS found out that Mark declared fake travel expenses on his 2004, 2005 and 2006 tax returns for about $90,000. The IRS determined that Mark was living the gangsta lifestyle out in the Philly ‘burbs, rented an apartment in NYC, traveled a lot and owned a few luxury cars.
The U.S. attorney’s office had hoped the judge would come down with jail time in order to convince would-be tax cheats that this is serious business but the judge felt Mark’s volunteer efforts for Hope International and other charities was sufficient proof that he wasn’t all that bad of a guy, perhaps just a little misguided.
Back in 2008, 74 investors alleged fraud and negligent misrepresentation against Wachovia Capital Markets, Wachovia Securities and two accounting firms, Ernst & Young and BDO Seidman for their respective parts in the Le-Nature’s scam, in which company officers (mostly CEO Podlucky and his kin) would secure loans for business equipment only to turn around and use that money for things like, oh, sapphires and overpriced watches.
E&Y audited Le-Nature’s until BDO took over. “E&Y was aware that Podlucky could single-handedly influence or manipulate the company’s financial results …” charged the lawsuit. The company basically made up $240 million in revenue and BDO auditors declared the company’s financials were free of material misstatements. FAIL.
Anyway, congratulations to the former partner for, uh, being such a model human being. Or something.