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Ted Mondale has agreed to pay $50,000 to settle a clawback suit related to the Tom Petters’ Ponzi scheme — an amount government officials say is the most Mondale can afford to pay.Clik here to view.
Ted Mondale has agreed to pay $50,000 to settle a clawback suit related to the Tom Petters’ $3.65 billion Ponzi scheme — an amount government officials say is the most Mondale can afford to pay.
Mondale, 55, a former state senator, the son of former Vice President Walter Mondale, and the current executive director of the Minnesota Sports Facilities Authority, worked as an executive for Petters from 1999 to 2003.
Petters made a personal loan of $150,000 to Mondale in 2005. The loan was never repaid, and the receiver in Petters’ bankruptcy case has been trying to recover that money from Mondale and give it to victims of Petters’ $3.65 billion Ponzi scheme.
Mondale agreed to pay $50,000 after negotiating with the court-appointed receiver, Doug Kelley, the Star Tribune reported.
“He [Mondale] submitted a financial statement. My former FBI and IRS agents dissected it and we are convinced this is the most Mr. Mondale can pay,” Kelley told the newspaper.
This is the latest of several settlements Kelley has negotiated with former associates of Petters, who is serving a 50-year prison term for his crime. His latest efforts include targeting two former CEOs of Polaroid, which Petters owned briefly.
Source: bizjournals.com
