Bank ordered to pay $563 million to victims of Petters fraud

A federal jury has 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, of Wayzata, 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.

AP