Good Intentions, Bad Outcomes: How Follo ...

When investors asked for details regarding the pay-off status of the promissory notes, Harold prepared a spreadsheet showing the Petters Co. promissory notes had been “paid” or “partially paid.” Harold did this at the behest of his boss, Greg Bell. Yet, these notes were “paid” only by the round tripping transactions. These false representations were used to solicit $243 million from new investors.

Caption: Harold explains the reaction to the Petters fraud case.