A jury delivered a sweeping verdict against Minnesota businessman Tom Petters on Wednesday, finding him guilty of all 20 counts in what prosecutors said was a $3.5 billion Ponzi scheme.

Petters, who claimed that subordinates carried out the fraud without his knowledge, sat glumly as U.S. District Judge Richard Kyle read the verdicts in quick succession. Petters was convicted of wire fraud, mail fraud, conspiracy and money laundering by jurors who deliberated for parts of five days.