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Tom Petters
Thomas Joseph Petters is an American businessman and the chairman and CEO of Petters Group Worldwide who was convicted of massive business fraud in 2009 and is now imprisoned at the United States Penitentiary, Leavenworth.〔Nicole Muehlhausen, (BIO: Tom Petters ), KSTP.com, September 24, 2008, Accessed October 8, 2008.〕 Amid mounting criminal investigations, Petters resigned as his company's CEO on September 29, 2008.〔(Tom Petters Resigns As Petters Group CEO ), WCCO.com, September 29, 2008, Accessed October 8, 2008.〕 He was convicted of numerous federal crimes for operating Petters Group Worldwide as a $3.65 billion Ponzi scheme and received a 50-year federal sentence. ==Early years==
Petters was raised with six siblings in St. Cloud, Minnesota. He worked at the tailor, fur and fabric shop founded by his great-grandfather and operated by his family for over 100 years. In 1973, while still in high school, he started Ear Electronics, a mail-order stereo company aimed at college students. Petters completed only one semester of college before dropping out to pursue a career. In the early 1980s, Petters worked in Colorado as a regional manager at an electronics store chain; when that business went bankrupt, he purchased five of its locations in Colorado and Kansas.〔〔Kari Petrie, (The Petters File ), ''St. Cloud Times'', October 3, 2008, Accessed October 8, 2008.〕
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