Thursday, April 8, 2010
Ponzi schemer Petters gets 50-year prison sentence
A federal judge sentenced Minnesota businessman Tom Petters to 50 years in prison on Thursday for running a $3.65 billion Ponzi scheme, one of the largest ever uncovered.
The sentence means the 52-year-old founder of Petters Group Worldwide Inc likely will spend the rest of his life behind bars. Prosecutors sought a 335-year sentence, while the defense said a term as short as four years was more appropriate.
Petters blew kisses to family members in the packed St. Paul, Minnesota courtroom after U.S. District Judge Richard Kyle handed down the sentence.
Petters will appeal the sentence, said Paul Engh, a lawyer for Petters, in an interview.
The full story is here.