Tom Petters found guilty on all 20 counts

      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


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This page contains a single entry by ellio244 published on December 3, 2009 2:29 PM.

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