Petters Company International Scandal: The big hurt….
In 1988, Thomas Petters moved back to Minnesota and founded Amicus Trading, a wholesale brokerage; the name was later changed to The Petters Company, and it marketed consumer merchandise. In 1995 he started Petters Warehouse Direct to sell closeout, overstock and bankrupt company merchandise from a store in Minnetonka, Minnesota, additional locations followed in the Twin Cities and greater Minnesota. In 1998 he went online to sell discounted merchandise through redtag.com, operated by RedTag Inc.; by 2000 he sold his Petters Warehouse Direct stores to focus on his online business, based in Eden Prairie, Minnesota. He teamed up with direct-mail merchandise company, Fingerhut Companies
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Both individuals made plea bargains with prosecutors in exchange for information on how the alleged scheme worked. They noted that, at the direction of Petters, Coleman and White would fabricate documents for Petters and others to use to obtain billions of dollars in loans. The phony records were used as proof that Petters Co. was buying merchandise, generally electronic goods, from two suppliers (who were named as co-defendants). Petters Co. would tell lenders that it was selling the goods through big-box stores and provided purchase orders to substantiate the deals; however the deals were phony and the documents were fakes. Most of the money lent to PCI was secured by promissory notes and sometimes security agreements; the lenders would wire the money to the two suppliers, which would pass it on to Petters Co., less a commission. As more lenders loaned to Petters Co., outstanding loans would be paid off or rolled into new loans from the same lender. Proceeds allegedly went to Petters Co. and to Petters himself, and were used to fund other Petters-owned companies, to pay others collaborating in the scheme and, according to court affidavits, for "Petters ' extravagant lifestyle." Petters ' legal troubles led to Sun Country Airlines filing for bankruptcy; the airline had been relying on an operating loan from Petters, who owns all the voting shares of Sun Country, to help the
First a little back ground as to what this store was all about. The first store was located in downtown Pittsburgh. He had one guy working for him. The store specialized
Tom Brady wants to take the NFL to federal court, to appeal his charges of four-regular season game suspension and fined the Patriots with a $1 million fine. I believe that the NFL should negotiate Tom Brady’s charges, before he takes it to the federal courts. There is no direct evidence that could prove Brady’s involvement with the football deflation at the AFC Championship game, even though Brady’s appeal hearing sounded inadequate. He could beat the federal case because there is no proof of his involvement. Brady doesn’t have much more to lose if the suspension is upheld, then the NFL does. Ted Wells stated that his team (NFL) has already been billed $5.5 million, with an additional $600,000 for hiring other experts. By negotiating a deal
Petco originally known as UPCO was started in 1965 as a mail-order veterinary supply business in San Diego, California. The name changed from UPCO to Petco in the late 1970s and began to expand their business. Their first store was established in Tigard, Oregon in 1980. Latter in the late 1980s the company had a major growth in retail when Petco acquired two pet supply chains, WellPoint and the Pet Department allowing them to expand their products. This allowed them to triple there store numbers from forty to one hundred and thirty expanding from Oregon to Washington and Texas. After that their store in Santa Monica California started selling fish and many other animals soon followed.
The Black Sox scandal is similar to what is going on today with the New England Patriots football team, and their quarterback Tom Brady. Brady has been suspended for four games in the upcoming season, because “he ruined the integrity of the sport”, for is actions in deflategate. The players involved in the Black Sox scandal were suspended and never reinstated for their part in the throwing of the 1919 World Series against the Cincinnati Reds.
The author Tom Philpot starts the article off with a funny title but non-the less negative analogy of factory farms and anti-biotics. Although a negative title it does catch your attention because the term playing chicken means someone must die. So the title make you wonder what does farm factories have to do with antibiotics one of our most important miracle drugs used to combat infections.
“Baseball’s Darkest Hour” or “The Black Sox Scandal of 1919” all names given to the 1919 World Series when eight players of the Chicago White Sox took money from gamblers to throw the World Series to the Cincinnati Reds. Gamblers have been involved in baseball since the start of it. There were even multiple stories of the gambles fixing games so the outcome is in their favor but no one ever tried to fix a World Series until 1919. Even though the gamblers were fixing games no one ever did anything about it. In 1920 the newly elected commissioner decided that the eight players that were on trial for throwing the World Series for knowing about the fix, participating in the fix and organizing the fix. People agree with the commissioner about banning
Since the scandal at Penn State a lot of things have been happening around the case. For starters, Jerry Sandusky was charged with 45 counts of child molestation. Up until the verdict, Sandusky had told the press and others that he had loved the kids which was said to have been taken out of context. After being charged with the 45 counts of child molestation, Sandusky was given no less than 30, but no more than 60 years in prison for the crimes committed. The case at this moment has cost the school right at a quarter of a billion dollars, half of that being in lawyers fees alone. The university has settled with 33 people over allegations they were sexually abused by Sandusky, and has made total payments to them of $93 million (2017). The administrators
In an editorial in the Miami Herald, Leonard Pitts vocalizes that America, despite its ludicrous behavior, still has the aptitude for change through highlighting the woes that plague the once united nation and through inciting hope with his consequent words. Within Pitts rather frank expressions, one can determine just “how far down the rabbit hole” America and its marred character has fallen. A country once renown for its overwhelming acceptance has become a perpetrator of insults vulgar enough to induce controversy, Hilary Clinton being just “that bitch” as if she is merely a mean girl in high school, not a top-tier politician. Pitts even casually broods “about secession”—an idea entirely alien to what the somewhat “United” States prevails
Ron G. Crane is the Idaho State Treasurer, responsible for the management of both state and local government investment pools. He directs receipt of all state monies, the accounting and disbursement of public funds, and invents general account and pooled agency cash in various fixed income
The Knapp Commission, established in 1970 by New York City Mayer John V. Lindsey (Dempsey & Forst, 2016). The Commission was set up by a committee of five members, to investigate allegations of police corruption in New York City( Dempsey & Forst,2016). After becoming concerned with the corruption of other officers, two New York City Officers, Frank Serpico and David Durk supplied information to a New York City reporter, David Burnham (Knapp Commission, n.d.). Burnham wrote a series of articles that appeared in the New York Times. These reports prompted the establishment of the Knapp Commission.
A 72-year-old Wooster is the latest to be arrested in connection with an increased emphasis by the Wayne County Sheriff’s Office to tackle the illegal drugs problem.
CNN did a fantastic job showcasing the horrors and travesty of Maria Duval. This is done sufficiently by the stories of real people who have been affected by her scheme. For example, the story of Doreen Robinson, an elderly woman suffering from dementia who lost 2,400 dollars in just one year to Maria Duval’s scam. This is a prime example of how Maria Duval targets the vulnerable and exploits them with illusions of false hope. This is pushed even further with the photographic evidence. For example, the photo of the fern green “important” card that asks for the recipient’s name, birth date, and even strands of their hair. This along with the picture of the worthless talismans show that, not only is Maria Duval’s scam scarily real, it’s also
It has come to my attention that, per recent developments, the Sentinel is now faced with an ethical dilemma of sorts. Former staff member and immigration reporter Jorge Lopez, who is now coming to the company on freelance, has pitched a story detailing his life in the United States as an undocumented immigrant. This issue affects not just the Sentinel and its editors, but also our print and online audiences, and our stakeholders. The decisions made on this particular issue must keep these parties in mind.
Buntrock did not act alone in this scandal. Many of his upper-level associates had a hand in this fraud. Other key players included: Phillip Rooney (President, COO and CEO for a period of the scandal), James E. Koenig (CFO and Executive VP), Thomas C. Hau (VP and Chief Accounting Officer), Bruce D. Tobecksen (VP of Finance), and Herbert Getz (Senior VP, General Counsel and Secretary). Each member of this scandal greatly profited in some way. Buntrock made over $16.9 million during the scandal. Rooney earned $9.2 million, Koenig over $900,000, Hau reaped over $600,000, Tobecksen over $400,000 and Getz gained $450,000.
He had started his business with a loan of $200, but within months he had two offices in Boston with a staff of dozens of employees processing sales, and he bought a modest mansion for $35,000. Of course, there were no actual profits, Ponzi had not actually bought the IRCs, and he paid early investors with the funds derived from later investors. This only worked well for him because of the rapid payments made to investors. People saw what he could do and they wanted in, so he was selling the IRC’s quickly and convincing people to reinvest their funds, he was able to postpone his financial obligations even longer. By the time the scheme collapsed his income was estimated at $1M per week, and late coming investors were defrauded of between $7 - $15M. The downfall started from some investigative journalism, this led to the District attorney getting involved and Ponzi being charged. Most of Ponzi's gains were seized in an involuntary bankruptcy hearing, and what little remained was spent in his subsequent legal battles. Ponzi’s scheme was exposed by newspaper reports in 1920 and despite his claims of innocence, a federal audit confirmed his operation was bankrupt, owing almost $4 million or more to investors. After investigation, Ponzi was charged with 86 counts of mail fraud and sentenced to five years in federal prison, and while incarcerated on federal charges he