Insight on the Tom Petters Case from a Former Employee

Yesterday former "businessman," and my former boss Tom Petters was sentenced to an ostensive life in prison for his propagation of a $3.5 billion Ponzi scheme. He's currently 52, and even with time off for good behavior, it appears the earliest he'll be able to get out of jail is when he's 94.

As someone that knew Tom and his companies for four years of my career, here's my insight and take on the case:

• During my tenure in working for him, rumors abounded on the state of his business. Whispers were often uttered on how none of his companies were making any money, and the office in which my company shared with other Petters' businesses often had a turnstile for companies coming and going. Hence, when the fraud broke, I was not surprised at all.
• While Tom was lavish in his lifestyle, he was also quite generous. His holiday parties for employees were renown for the best food, hotel rooms, live music, and free drinks. Massage therapy was a benefit for all employees, with massage facilities right within the building. He was substantively philanthropic. All of this is easy to do with other people's money, and red flags were everywhere.
• While clearly some "little people" got hurt, I don't have so much sympathy for the deep pockets that Petters picked. If the due diligence of your investment constituted believing a slick-talking executive promising returns that were too good to be true, then you kind of get what you deserve. It's that "fool and his money," thing...
• I was originally flabbergasted that when things broke that Tom didn't have a plan to leave. But after thinking about it, I believe that Petters was ultimately motivated by the adoration of others. Clearly, he enjoyed an opulent lifestyle, but more than anything else, I think he really enjoyed adulation. That's tough to get that when you're on the lam somewhere in South America.
• While I don't disagree with the sentence, I do find it pathetic that killers, rapists, and child molesters routinely serve significantly less time for their crimes. That says a lot about what our society thinks about who is and is not a "villain."
• There really was no moral compass in this case. For me, personally, it is hard to trust those that don't observe a recognition of a Higher Power, and a higher purpose for their lives. Granted, I know all the stories of the pious that had great downfalls. But in my experience, I've personally seen way too much repugnant behavior by people that have basically no faith, and I've seen those that serve and fear the Lord doing incredible things, and truly making a difference. Maybe I'm naive, but I'll always put my trust into the executive that takes to his knees in a church on Sunday morning over the one that spends the same morning nursing a horrific hangover from chasing bar tramps at Redstone the night before.

At the end of the day, this is a sad, sad story at many levels. I wish redemption and purpose for Tom, recovery and peace for his victims, and wisdom for the rest of us that stood on the sidelines and have something to learn from this mess.