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Ponzi schemer's beneficiary seeks $300 million from JP Morgan in Fed-confiscated funds.

The AP (12/30) reported Doug Kelley, "receiver for convicted Minnesota businessman Tom Petters," is seeking $300 million from JP Morgan Chase & Co. in funds seized by the FBI prior to Petters' arrest. Kelley's suit argues "JP Morgan should have known the assets were derived from fraud" and "JP Morgan and its affiliates received over $285 million in connection with Petters' purchase of Polaroid Holding Co."

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