Main | Target Layoffs »

Petters Associate Jailed

Michael Catain, an associate of Tom Petters who plead guilty in October to one count of money laundering conspiracy, has his bail rescinded Wednesday the Star Tribune reported.
Catain violated his bail when he took about $14,000 from his Excelsior car wash. There was a court-ordered freeze on all of his assets.
Catain's lawyer told the Star Tribune that Catain had taken the money to pay bills and buy supplies for the car wash, but the judge agreed with prosecutors and said there was probable cause to believe that Catain had committed a crime.
KSTP TV also reported the story, and said that Catain's lawyers did not present a defense, but did ask the court for leniency.
KSTP also reported that as Catain was arrested, he handed his rosary to his wife. Both Catain and his wife were "visibly shaken" KSTP said.