Minn. College to Cede $600,000 of Financier Felon’s Gift – Philanthropy Today - Blogs - The Chronicle of Philanthropy: he College of St. Benedict has agreed to give up one-fifth of a $3-million gift it received from convicted Ponzi schemer Tom Petters in 2003, writes The Wall Street Journal.
The $600,000 from the St. Joseph, Minn., liberal-arts college will go into a cash pool for creditors of Mr. Petters, his foundation, and his businesses. Mr. Petters was convicted in 2009 of bilking investors out of several billion dollars and is serving a 50-year prison sentence. Officials overseeing the bankruptcy of his former business empire have sought to claw back funds from recipients of his largesse.
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