Postcard From Ponzi Island (Final Version)

Way back in 2009, Teri Buhl at Dealbreaker.com wrote:

Tom Petters was arrested for money laundering by the FBI last October and the SEC said there were $3.5 billion in losses for fund of hedge funds in his Ponzi scheme. For now, court proceedings in the Petters criminal case have been sealed - leaving the victims and the public with few answers about who else conspired in this maze of financial crime and abuse of investor confidence. One such person is a reformed convict turned multimillionaire Frank Vennes....

First, incomplete version in this post.

Frank Vennes Card

More Bachmann Trading cards HERE.



Here's a good summary of Bachmann's connection to convicted felon Frank Vennes Jr. by Karl Bremer:

In 2008, it was revealed that Bachmann had received tens of thousands of dollars in campaign contributions from Frank Vennes Jr. and his family. Vennes is a convicted money-launderer/cocaine runner/gun runner for whom Bachmann had requested a presidential pardon in 2007.

When Vennes became implicated—but never charged—in the Tom Petters multibillion-dollar Ponzi scheme in 2008, it didn’t take long for Bachmann to abandon her principled “innocent until proven guilty” stance. She quickly rescinded her pardon request for her close personal friend, and then tried to further save face by giving away a portion of the money she had taken from Vennes and family—although it was only $9,200 of the $27,400 she had hauled in from the Vennes family from 2005-2008.

Bachmann first tried to give the money to Minnesota Teen Challenge, a favorite evangelical charity of Bachmann’s that once had very close ties to Vennes. He is a former board member of the organization. However, Minnesota Teen Challenge allegedly lost $5.7 million in investments in Petters companies that were made through one of Vennes’ companies.

Rich Scherber, executive director of Minnesota Teen Challenge, said his organization sent Bachmann’s $9,200 check back without even cashing it.

“We didn’t want to be involved if it was dirty money,” Scherber said at the time.

Bachmann eventually found a willing taker for her tainted Vennes money when she donated it to R3, a collaborative of Christian recovery groups that happens to include Minnesota Teen Challenge.