In December 2008, Polaroid, owned by the Petters Group, was forced to file for bankruptcy after Tom Petters and four others were charged with involvement in an investment fraud scheme run primarily through Petters Co. Inc. Petters was accused of defrauding up to $3.65 billion from creditors.

Yesterday, US District Judge Richard Kyle in a Minnesota court sentenced Petters to 50 years in prison, with possibility of parole in 41 years. "This was a massive fraud and the defendant's involvement was front and center," the judge said, according to Star Tribune, a Minneapolis newspaper.

Petters bought Polaroid in 2005 from One Equity Partners, which had acquired the instant film company in August 2002, saving it from bankruptcy. Today, Polaroid is owned by the PBE Corporation, which has moved to sell parts of the iconic Polaroid Collection.