Entries tagged with “fraud” from Kathryn Elliott's News Blog

Tom Petters found guilty on all 20 counts

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      Almost exactly one year after his indictment on 20 counts including conspiracy, wire fraud and money laundering, Tom Petters was found guilty by a federal jury in St. Paul on Wednesday, the Pioneer Press said.

      The Minneapolis salesman who engineered a $3.65 billion Ponzi scheme from 1995 to 2008 pleaded his innocence until the end, blaming grief over his son's murder five years ago that he said rendered him unable to run his businesses, The Star Tribune said.

      The statutory maximum for Petters' crimes is 350 years, said Assistant U.S. Attorney Joseph Dixon, part of the prosecution team. A more realistic estimate is that Petters will receive 30 years to life in prison, Dixon said, according to The Star Tribune

To see the Star Tribune's "Petters Timeline" click here

Abdullah expected to withdraw from Afghan election

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The dragged-out presidential election that was scheduled to culminate in a Nov. 7 runoff may be over sooner than expected. 

Current President Hamid Karzai would begin a new five-year term if principal opponent Abdullah Abdullah boycotted the election as officials suggest he plans to do, The New York Times said.

Karzai's victory in August was deemed invalid by a United Nations-supported panel that threw out close to one third of his votes, which came in part from illegitimate "ghost-voters," The Washington Post said.

The prospect of the old Afghan administration continuing in power after such a controversial election process adds pressure to President Barack Obama's deliberations on deploying more troops to Afghanistan.

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