Your Money's No Good Here: Another Alleged Ponzi Fleecer Flees Palm Beach

Hey, look another house just got sold on Ponzi Island! Sorry, I mean Palm Beach. Easy mistake, since alleged Ponzi schemer Tom Petters is a neighbor of convicted $67 billion Ponzi schemer Bernard Madoff, among other Island residents linked to financial fraud.

Just a part-time South Florida resident, Petters Group Worldwide is based in suburban Minneapolis. Still, it seems a function of how fraud stories have saturated South Florida media that Petters' case has received such little attention here. The Minneapolis Star-Tribune devoted a whole portion of its website, treating Petters as a "special project," whereas his alleged $3.5 billion fraud apparently hasn't impressed the Palm Beach Post enough to warrant an article.

Here's a short article on Petters' case from the Wall Street Journal. I suppose the fact that Petters had houses in five different states made it hard for him to develop much of a profile in South Florida. His six-bedroom house sold for just under $10 million. Not sure whether that was the house where his daughter Jennifer -- who is said to live in Florida -- was staying.

The Madoffs' Palm Beach home has been signed over to the government and whatever price it fetches will go toward paying pennies on the dollar for Madoff investors.

KEEP NEW TIMES BROWARD-PALM BEACH FREE... Since we started New Times Broward-Palm Beach, it has been defined as the free, independent voice of South Florida, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Thomas Francis