Petters resigns amid probe

Pioneer Press – Tom Petters, who spent two decades building the Petters Group Worldwide into a far-flung empire with $2 billion in sales and 3,200 employees, resigned Monday amid a federal investigation into allegations of fraud at one of his companies.

The move came days after federal authorities raided company offices, homes and vehicles of people connected to the business as they searched for evidence of an alleged scam dating back to the mid-1990s at Petters Co. Inc., a unit of Petters Group.

"Events of the last few days have made it impossible for me to continue as the leader of these companies," Petters said in a statement released to employees. "My first concern is that these companies continue to go forward and that you as employees feel secure about working here," he said.

Petters no longer would be involved in day-to-day operations of Petters Group or its independent operating companies such as Polaroid or Sun Country Airlines, the statement said.

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