Federal jury awards largest financial settlement in Minnesota

ST. PAUL, Minn. (KEYC) - A federal jury awarded a record $564 million in damages to victims of a massive Ponzi scheme by Minnesota businessman Tom Petters.

The verdict handed down Tuesday against BMO Harris Bank is believed to be the largest financial penalty handed out by a jury in a Minnesota courtroom.

It’s also the largest single verdict or settlement connected to the multi-billion dollar Petters fraud. BMO said it will appeal the verdict and penalty.

Petters was sentenced to 50 years in prison in 2010 for defrauding investors out of $1.9 billion.

Receiver Doug Kelley and his team has spent more than a decade searching for and liquidating Petters’ assets to compensate as many victims and creditors as possible.

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