According to a recent report from the Minneapolis Star-Tribune, Petters' receiver is seeking the return of personal assets seized by JPMorgan Chase from the businessman's personal investment accounts in 2008.
In court filings submitted in Minneapolis this week, Doug Kelley claimed the securities firm was involved with Petters from 2001 until federal investigators stepped in seven years later and ignored "numerous red flags" over that period.
Mr Kelley alleged that Petters placed $83 million from his Ponzi scheme into the several accounts he had with JPMorgan Chase, which he asserted funded Petters' leveraged buyout of Polaroid in 2005 despite knowing the firm would never be able to pay off the debt.
The news came as the Associated Press revealed executives from JPMorgan, Deutsche Bank, Citigroup and Goldman Sachs last month met US Treasury secretary Tim Geithner to discuss new financial regulations.
By Gary Cooper