Friday, March 30, 2012

Bill in Minnesota Legislature to Block Petters Clawbacks

The Star Tribune reports:

In a move that could limit financial recoveries in the Tom Petters Ponzi scheme, the Minnesota Senate on Thursday approved legislation to protect nonprofit organizations from legal attempts to recover or "claw back" donations that stem from illegal activities.

Sen. Benjamin Kruse, R-Brooklyn Park, said the bill attempts to "strike a balance" between the victims on both sides of a crime like the $3.65 billion fraud operated under the watch of Petters, who now is in prison for his crimes. The bill could relieve strapped nonprofits from having to repay an estimated $200 million in clawback payments.

But the legislation could have notable impact on collection efforts in the Petters bankruptcy case, where trustee Doug Kelley is attempting to recover so-called false profits and other proceeds from investors and those who received donations from Petters.
Kelley, who has filed clawback lawsuits against several nonprofits, said he may lose the ability to collect more than $200 million because the new legislation establishes a two-year statute of limitations on fraudulent financial transfers.

Read the whole thing.

I'm not sure what effect this bill will have on non-profits and ministries such as Minnesota Teen Challenge that received fraudulent transfers from Frank Vennes entities. When I find out, I'll update this developing story.

Tuesday, March 20, 2012

Minnesota Teen Challenge Has No Comment on Clawbacks

I emailed the spokeswoman at MNTC about the $5,790,606.51 clawback. This is the terse reply:

MNTC has no comment on the clawbacks.

I'm tempted to ask why God saved MNTC folks from the 35W bridge collapse, but God didn't warn MNTC that a fellow who sat on their board was involved in a massive Ponzi scheme... but, I'd probably get a "no comment" on that too.

UPDATE: Minnesota House Rep. Jim Abeler (R-Anoka) wants to help bail out the Ponzi-clawback stricken Minnesota Teen Challenge with over $4 million in taxpayers dollars. Read about it at Dump Bachmann - HERE & HERE.

Tuesday, March 6, 2012

Pastor John Piper Can't Stop Blaming God for Tornadoes

Somebody who allows himself to get taken in by a convicted fraudster probably shouldn't claim to be an expert on anything, let alone natural disasters, but the Desiring God Ministry's spiritual leader obviously can't help himself. From his blog:

We do not ascribe such independent power to Mother Nature or to the devil. God alone has the last say in where and how the wind blows. If a tornado twists at 175 miles an hour and stays on the ground like a massive lawnmower for 50 miles, God gave the command.

Piper wades deep into his Bible and comes back out this verdict:

But stir into your mental framework this truth: When a time for judgment comes, it usually includes, and begins with, God’s own people. That’s what the apostle Peter says.

“It is time for judgment to begin at the household of God; and if it begins with us, what will be the outcome for those who do not obey the gospel of God?” (1 Peter 4:17; Jeremiah 25:29; Ezekiel 9:6; Amos 3:2).

Therefore, God’s will for America under his mighty hand, is that every Christian, every Jew, every Muslim, every person of every religion or non-religion, turn from sin and come to Jesus Christ for forgiveness and eternal life. Jesus rules the wind. The tornadoes were his.

This isn't the first time Pastor Piper stuck his big foot in his mouth about tornadoes - a while back, Dr. John Piper claimed a tornado was a warning to Lutherans to not ordain gay ministers.

Maybe instead of lecturing people about "sin" (masturbation, homosexuality etc.), John Piper can perform a real public service educating the public on how to avoid being ripped off by faith-based affinity fraud. Piper could tell us how he got roped into the Hope Commons debacle.

Forbes Announces the Last Prosecution of Meltdown Era Ponzi Schemes


The conviction of [Allen] Stanford brings to an end the U.S. government’s prosecution of financiers whose large Ponzi schemes unraveled during the credit crisis. Madoff, Stanford, Tom Petters ($3.7 billion Ponzi), Scott Rothsetein ($1.2 billion Ponzi) and Marc Drier ($400 million), had nothing to do with financial shenanigans that brought the U.S. financial system to its knees, but they somehow typified the culture of leverage and investor gullibility that nearly destroyed the U.S. economy.

I guess self-described Petters financier Frank Vennes is bush league by comparison.

Vennes, indicted April 20, 2011 goes on trial October 1, 2012.

Monday, March 5, 2012

New Date for Vennes Trial - October 1, 2012

After an informal scheduling conference, Judge Kyle has this new scheduling order:

JURY SELECTION will commence in this action on Thursday, September 27, 2012, at 9:00 a.m., in Courtroom 7A, Warren E. Burger Federal Building and United States Courthouse, 316 North Robert Street, St. Paul, Minnesota;

A JURY TRIAL will commence on Monday, October 1, 2012, and continue from day to day until concluded;

frank vennes,ken avidor

Change in Comment Policy for Vennes Info

I have decided to disable the comments on this blog. I am very busy and have very little time to moderate comments.

If you have information to share with me, please send it to - ken [dot] avidor [at} gmail (dot) com. If you have information about criminal activities, go directly to law enforcement.