The FBI conducted raids at the Petters Group Worldwide LLC. The federal agency is searching the headquarters of Petters Group and this was confirmed by the FBI press guy.
The companies owned by Petters group include include Fingerhut, SoniqCast, WiFi MP3, Polaroid, Sun County Airlines, and Enable Holdings. I have heard only of Polaroid.
Although there have been no arrests so far but besides FBI, we have IRS, Postal, US Attorney’s office etc on the scene.
From what I can make out so far, the raid has something to do with fixing account books of the companies. After the SOX implementation, it is relatively easy for the government entities to go after the documentation and be able to get a clear picture of whats going on.
Tom Petters is the man of the moment and its his name that embraces all these companies. He is going to be closely scrutinized in the coming days and weeks.
Lets see where this investigation takes us.