I’m sorry but if you were so inept to believe this was legitimate you deserve to get caught holding the bag. Just who are these board members and what are their qualifications? If I had seen this I would have been worried about lawsuits and prison time. My dad always said “if it sounds too good to be true, it probably is”.

Why do people fall for such 'promises', maybe they're just as greedy? hmmmmm....

How about... "if it's too good to be true"...? "Gee whiz, I thought we did a really good job of due diligence..." "The boxes in Petter's warehouse looked really heavy, there must have been a lot of really valuable stuff in them..." "24% on a 90-day note..? ring the bell!" "You can trust the guy... nice suit." Ah-hah-hah-hah... I hope Petter's is on his way to a country without an extradition treaty or stocking up on soap-on-a-rope.

I guess so....a sad start to what could be a house of cards here...

Sun Country can get you down to Mexico, but you better hide out in coach and not buy any snacks...swiping the credit card during the flight might give you away.

I imagine Petters was the first in line at the communion rail and that impressed the board.

The fund manager was obviously duped into trusting Petters, a gentleman with no apparent conscience. It's unconscionable to expose charitable funds to such a high-risk investment (24% on a 90 day note). Where's the investment philosophy with a mix of low, medium and high risk buckets & diversification. Where's the monitoring & due diligence of the investments to assure risks/volatility are in an acceptable range? Another Petters heart-wrenching business casualty.

They were earning as much as 24% on 90 day loans. That works out to a 96% annual interest rate. Man, what greed will do to people. You deserved to lose every penny you invested and should be held cuplable by the people who elected the board of directors for your individual charities. In addition, every CPA firm that looked at your financial records had better contact their insurance company because there are going to be some very large lawsuits against them for missing this. Another example of inept auditing and a black eye on the profession.

IN 90 DAYS??? Not to blame the victims .. but .. Holy Cow!! Wake up! That's just obviously not even a remotely normal rate of return. Wow.

Why weren't the boards of these non-profits doing their fiduciary duty? Why didn't the auditors for these organizations raise any white flags? This doesn't pass the smell test.