Minn. businessman Tom Petters, convicted in $3.65B Ponzi scheme, to be sentenced March 10

Minn. exec to be sentenced March 10 in Ponzi fraud

ST. PAUL, Minn. — Minnesota businessman Tom Petters is scheduled to be sentenced March 10 on his conviction for orchestrating a $3.65 billion Ponzi scheme.

U.S. District Judge Richard Kyle set the date in an order Monday.

Petters was convicted in December on 20 counts of wire fraud, mail fraud, money laundering and conspiracy. He is expected to be sentenced to between 30 years and life in prison.

He maintains his innocence, and his attorneys plan to appeal.

Petters’ corporate empire collapsed in 2008 after one of his closest associates went to authorities and said false documents were used to lure investors into financing nonexistent merchandise deals.