Receiver recovers $7M in tainted Petters donations
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Miami University of Ohio and the Order of St. Benedict have agreed to give up $7 million they received from the foundation of Minnesota businessman Tom Petters, who was convicted of running a $3.7 billion Ponzi scheme.
The Petters foundation donated just over $2 million to the Benedictines' St. John's Abbey and St. John's Preparatory School in Collegeville, Minn., and $5.2 million to Miami University in Oxford, Ohio.
Doug Kelley, the court-appointed receiver leading the effort to recover funds to compensate victims of the fraud, announced the agreements in court filings Friday. U.S. District Judge Ann Montgomery will hold a hearing on the settlements May 20.
Petters was sentenced three weeks ago to 50 years in prison on fraud, money laundering and conspiracy charges. He's preparing an appeal.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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