Saturday, February 6, 2010

Cost of Peters Fraud in Fees etc.- $12 million

Dave Phelps in the Strib:

In addition, legal fees for Frank Vennes, a heavy investor in the Ponzi scheme, are at $884,000 even though Vennes was not charged. Fees incurred by the receiver who is liquidating the Vennes estate are another $580,000 and rising.

On Monday, a request for another $485,000 in fees will be before U.S. District Judge Ann Montgomery who is overseeing the Petters and Vennes receiverships.


List of lawyers fees:

Felhaber, Larson, Fenlon& Vogt* Petters criminal defense $3.3 million

Kelley & Wolter Receiver for Petters & his co-defendants $1.9 million

Lindquist & Vennum Assisted receiver in asset search $1.7 million

PricewaterhouseCoopers Accounting work for receiver $1.6 million

Faegre & Benson Defense attorney for Frank Vennes $884,000

Oppenheimer Wolff & Donnelly Receiver for Vennes' estate $582,000

* Includes attorney Paul Engh's feesSource: U.S. District Court orders


$884,000 for Vennes? Interesting.

A a May 1st, 2009 affidavit from the Vennes receiver Gary Hansen about Vennes and his legal fees says they are for legal work both both civil and criminal. The legal fees for Vennes back them were only $178,603.50.

Email from the exhibits posted on the MN DOJ website:



Audio of Petters and Vennes talking religion: