A federal judge sentenced fallen Minnesota tycoon Tom Petters to 50 years in prison on Thursday for orchestrating a $3.7 billion Ponzi scheme that counted hedge funds, pastors, missionaries and retirees among its victims. The judge said he didn't believe Petters, one-time owner of Polaroid and Sun Country Airlines, was unaware of the fraud within his operations at Petters Group Worldwide. Since his conviction, Petters has been cooperating with the court-appointed attorney attempting to recover losses in the scheme.
April 09, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A federal judge sentenced fallen Minnesota tycoon Tom Petters to 50 years in prison on Thursday for orchestrating a $3.7 billion Ponzi scheme that counted hedge funds, pastors, missionaries and retirees among its victims.
“Every day, I’m filled with pain and anguish for all the lives that have been destroyed and touched by this episode,” Petters said at his sentencing hearing. He apologized to family, friends, co-workers and others who were hurt but did not concede guilt.
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