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Petters Group Worldwide was an American diversified company based in Minnetonka, Minnesota that was turned into a $3.65 billion Ponzi scheme by its founder and CEO, Tom Petters. It had 3,200 employees and investments or full ownership in 60 companies, of which it actively managed 20, with offices in North America, South America, Asia, and ...
1867 R A Lister company founded by Robert Ashton Lister. 1893 James B Petter & Sons founded. 1895 First oil engines made by Petters. 1910 Petters Ltd founded. 1929 First diesel engines produced by R A Lister in Dursley. 1960s/1970s peak employment of over 5,000; 1986 R A Lister and Petters Ltd merged to form Lister Petter Ltd.
As more lenders loaned to Petters Co., outstanding loans would be paid off or rolled into new loans from the same lender. Proceeds went to Petters Co. and to Petters himself, and were used to fund other Petters-owned companies, to pay others collaborating in the scheme and, according to court affidavits, for Petters' "extravagant lifestyle." [14]
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In 1995, Petter and Marius Varner take over the management of the company and the development of Varner continues in their hands. In 2001, Varner enters a new market through the acquisition of Urban – a lifestyle store with roots in the skateboard and snowboard scene. In 2006, the chains WOW and Volt were established.
Petters Limited (known as JB Petter & Sons of Yeovil until 1910), were a maker of stationary petrol and diesel engines from 1896 onwards. [1] In 1915 Petter founded Westland Aircraft Works (renamed "Westland Aircraft" in 1935). In 1986 Petters Limited merged with one-time rival R A Lister and Company to form Lister Petter.
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With the arrival of a new partner, Robert Turner, in 1878, it became Cassell, Petter, Galpin & Company. Galpin was the astute business manager. [4] Petter retired in 1883 and the company then became Cassell and Company, Ltd. "The company expanded well until 1888, when Petter died, Galpin retired from managing directorship, and Turner became ...
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