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. The verdicts completed a stunning fall for the 52-year-old Petters, who before his arrest a year ago was seen as one of the state's most successful businessmen.
December 03, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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.
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