Saturday, March 23, 2013

New Date for Fry Trial - Vennes Will LIkely be Called to Testify

UPDATE: It looks like the chances of Vennes testifying are getting very slim (I am not covering the Fry trial).

The trial of James Fry will begin May 20th.

Frank Vennes, Fry's former co-defendant has waived his right to refuse to testify.

Vennes will likely be sentenced before the trial - no date yet.

Stay tuned.

Wednesday, March 13, 2013

Third Superseding Indictment For James Fry

A Federal Grand Jury has added 5 more counts (ho-hum).

NOTE: This blog is about Frank Vennes, not James Fry.

James Fry, pardon the pun is small fry.

It's entirely possible that James Fry would have been just another hedge fund manager if he hadn't heard the sirens' song of quick and easy riches sung by Frank Vennes and Tom Petters.

James Fry was not the self-described financier for Tom Petters. James Fry was not a major source of funds for extremist, right-wing politicians including two presidential candidates.

James Fry did not distort the once-proud, progressive reputation of Minnesota politics into a twisted caricature of bigotry and demagoguery that is only now being repaired by a legislature that passes laws in the best interests of the state's citizens instead of grandstanding on divisive "wedge issues".

Politicians facilitated the illegal fund-raising of Mr. Vennes by writing letters supporting a presidential pardon for Mr Vennes - letters Vennes showed investors victims to assuage their concerns about his criminal history. If any one of these influential politicos had bothered to investigate Mr. Vennes how he obtained his vast wealth they would have learned the foundation of his financial empire was built on pile of promissory notes which the SEC website says is a huge red flag for fraud.

One politician in particular, Congresswoman Michele Bachmann accepted boatloads of dirty money from Vennes and his cohorts  when she was lagging behind her Republican rivals. There is no question Ponzi money played a part in Bachmann getting that crucial endorsement. It is very likely that Michele Bachmann would not be representing Minnesota's 6th Congressional District if it weren't for the purloined largesse of Frank Vennes and his cohorts.

Michele Bachmann continues to embarrass her district's constituents and the state of Minnesota, most recently when Bachmann was the only one of the state's congressional delegation to vote against the Violence Against Women Act.

With the plea deal canceling the trial of Mr. Vennes, we are unlikely to learn more about the role Ponzi money  played in distorting our political system. Without the facts to alert and  inform citizens and public officials how this occurred, the chances are favorable to it happening again.

So, I will not blog every legal maneuver leading up to Mr. Fry's trial,  plea or whatever. I have other, more important, interesting things to do.

Thursday, March 7, 2013

Volling Letter Promises Vennes Will Testify Against James Fry

Attorney James Volling who has received huge fees (one estimate is $4 million) from who knows where (I assume the creditors) for defending Frank Vennes, now throws his client to  the wolves:
With regard to the trial of James Fry currently scheduled to begin May 14, 2013, I am writing to inform you that my client, Mr. Frank Elroy Vennes Jr. is willing to testify at that trial if he is called by either side. If he is called to testify, he will not assert his Fifth Amendment rights. Please contact me with any questions. Best regards.
Mr. Volling has asked for and received an extension on the pre-sentence investigation deadline and report to May 28th.

QUESTION: Will the jury believe the testimony of  Frank Vennes? Vennes stated over a year ago in court that he was "emphatically not guilty" but on the eve of his trial, last month admitted, perhaps not as emphatically that he was indeed guilty.