December 13, 2010

Volling Comments on Unique Position of Frank Vennes Jr.

Free of criminal charges related to the collapse of Petters' $3.5 billion Ponzi scheme, Frank Vennes Jr. is in a unique position. When his investors looked for a way to get a great return, Vennes steered them to Tom Petters. But now Vennes is allowed some say in how those millions get handed back.

"There's a recognition that this is an unusual situation," James Volling, his attorney, said. "He has not been charged. He consented to this receivership because he wanted the assets to be used to benefit creditors."

Vennes "is trying to figure out what his next steps will be," Volling said.

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