Miami of Ohio to Return Gifts From Convicted Fraud Perpetrator

Miami University, in Ohio, will return millions of dollars in donations from Thomas Petters, the Minnesota businessman found guilty last week on federal fraud charges, writes The Oxford Press, in Ohio.

Mr. Petters, who was convicted in connection with what prosecutors said was a $3.5-billion Ponzi scheme, had donated about $5.2-million of $14-million he pledged in separate 2004 and 2006 gifts in honor of his late son, John, a Miami University alumnus, and his daughter, Jennifer. David Hodges, the university’s president, said the college “has no interest in keeping money that Mr. Petters obtained by fraud or deceit.”