Good Intentions, Bad Outcomes: How Follo ...

Caption: Dean Lewis explains the ripple effect of the Petters fraud.

Harold Katz pled guilty to one count of conspiracy to commit wire fraud and was sentenced to 366 days in federal prison. Harold participated in the country’s third largest Ponzi scheme to date and the largest Ponzi scheme in Minnesota history. It is questionable whether Harold exercised an adequate level of professional skepticism when dealing with the Lancelot audit, the Petters Company transactions and his CEO, Greg Bell.