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Miami and its Foundation respond to conviction of Thomas Petters

12/04/2009

With the guilty verdict issued Dec. 2 in the trial of Minnesota businessman Thomas Petters, Miami University and the Miami University Foundation announced they will move to complete their discussions with Douglas Kelly, the receiver appointed by the federal court, to make appropriate arrangements to return the remaining funds given by Petters to Miami University.

Over several years, Petters made payments on gift pledges in honor of his son, John, a Miami student who died in 2004, and his daughter, Jennifer. The gift pledges supported by Petters include:

  • A pledge in 2004 to create the John T. Petters Center for Leadership, Ethics, and Skills Development; and
  • A pledge in 2006 to create the Jennifer Petters Chair in Asian Business.

"The university has no interest in keeping money that Mr. Petters obtained by fraud or deceit,” said Miami President David Hodge.

Terry O’Toole, president of the Miami University Foundation board of directors, agreed “the foundation does not intend to keep any remaining funds from Mr. Petters that were obtained illegally.”

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