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University Returns Ponzi Schemer's Donations
Filed under: Crimes and Misdemeanors
Just about every university can use any dollars it can get into its coffers right about now but Miami University of Ohio has officially returned money donated by Minnesota businessman and Ponzi schemer Tom Petters. The university said it wired $5 million that Petters had donated to a receiver appointed by the federal court in Minnesota.Originally Petters had pledged $10 million to the Farmer School of Business but only donated about half of that plus another $200,000 toward a $4 million pledge for a chair in Asian studies. The $10 million was going to create the John T. Petters Center for Leadership, Ethics and Skills Development named after Petters' son who died on a vacation. Petters was convicted of fraud in what prosecutors called a $3.5 billion Ponzi scheme and sentenced to 50 years in prison.
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