Sep 29, 2008 4:43 pm US/Central
Tom Petters Resigns As Petters Group CEO
(WCCO)
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In statement released Monday, the company said Petters would no longer be involved in the day to day operations. That includes its independent operating companies such as Polaroid and Sun Country Airlines.
CBS
Tom Petters, CEO of Petters Worldwide Group, resigned Monday morning amid a federal investigation into the Minnesota-based company.
In statement released Monday, the company said Petters would no longer be involved in the day to day operations. That includes its independent operating companies such as Polaroid and Sun Country Airlines.
"Events of the last few days have made it impossible for me to continue as the leader of these companies. My first concern is that these companies continue to go forward and that you as employees feel secure about working here," Petters said in the released statement.
According to a search warrant unsealed Friday in U.S. District Court, Petters and several associates allegedly schemed to defraud investors of $100 million or more since the 1990s. On Wednesday, federal agents seized documents ranging from 1995 through the present.
The case is a joint investigation by the FBI, the IRS Criminal Investigation Division, and the U.S. Postal Inspection Service.
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