Ponzi Scheme Fallout Could Cost Fargo Radio Owner
October 1, 2010 at 3:54 AM (PT)
A co-owner of a FARGO radio station is being asked to pay back profits allegedly made from the ponzi scheme of MINNEAPOLIS businessman TOM PETTERS, reports JIM INGSTAD BROADCASTING News/Talk KFGO-A/FARGO.
Bankruptcy trustee DOUG KELLEY has requested that GREAT PLAINS INTEGRATED MARKETING Talk WZFG-A (AM 1100 THE FLAG) and Classic Hits KEGX (THE EAGLE 106.9)/FARGO co-owner MICHAEL HOFER pay back $36.3 million.
HOFER's attorney, LOWELL BOTTRELL, told KFGO-A, "he considers HOFER one of the victims of the scheme and says he plans to vigorously fight the allegations. BOTTRELL also says the trustee is trying to take advantage of a 'gray area' in the law."