Skip to main content
Updated:
Original:

Judge blasts Petters; denies final appeal in ponzi scheme

Author:

A federal judge has denied Tom Petters' last appeal to shave 20 years off of his 50-year sentence following convictions in a $3.65 billion Ponzi scheme.

In late October, Petters appeared in court on a final appeal of his sentence, in which he admitted guilt for the first time. Petters argued that he was never informed of a potential plea bargain that would have allowed him to plead guilty in exchange for a shorter prison sentence.

Petters, 56, was convicted in 2009 of running a Ponzi scheme. He was convicted on 20 counts of fraud, conspiracy and money laundering.

FOX 9 reports that U.S. District Judge Richard Kyle did not believe Petters' argument that his lawyers were "ineffective." He was also critical of Petters's courtroom demeanor.

He wrote, "Petters' testimony was, in the Court's view, deliberate, measured and calculated. He seemed to be a man putting on a show, willing to say or do anything – including shedding crocodile tears – to obtain a reduction of the lengthy sentence imposed by this Court."

In the order, Kyle determined that Petters' attorneys repeatedly told him of the potential plea bargain. He accused Petters of trying "to pull off one final con" in his pursuit of a shorter sentence.

At times Kyle's order was scathing of Petters.

The judge wrote, "At the outset, it is noteworthy that the primary evidentiary support for Petters' claim is his own self-serving testimony. But in the Court's view, that testimony is entitled to no weight; for the reasons that follow, the Court concludes that Petters is simply lying in a desperate attempt to save his own skin. The Court is not so easily fooled."

Kyle summed up the order, "Petters' last ditch-attempt to escape punishment for his crimes does not hold water; he received constitutionally effective counsel and his sentence was not unlawful. He is entitled to neither relief nor sympathy from this Court."

The Associated Press reports that Petters' attorney, Steve Meshbesher says that Petters and his family are disappointed with the ruling. He added that they are looking at options.

Next Up

Sharon Mollerus - duluth - snow plow car

Sunday snowstorm walloping MN's North Shore with huge totals

Just ridiculous snow totals expected the rest of Sunday.

Screen Shot 2021-12-05 at 6.49.03 AM

Saturday snow causes havoc on Twin Cities roads

There were countless spinouts and crashes across Minnesota.

Kirill Kaprizov

Wild win battle of NHL's hottest teams, extend winning streak to six

Kirill Kaprizov delivered a shootout winner to take down the Maple Leafs.

Eric Kendricks

Vikings downgrade Eric Kendricks to out against Lions

The Vikings have also activated Michael Pierce from injured reserve.

u.s. attorney

Minnesotan sentenced after assaulting man with baseball bat

Marshall Wayne Boshey was sentenced to 30 months in prison followed by two years of supervised release.

Target store

Target's gift card discount is back, but for this weekend only

The fine print: for Target Circle members only (but membership is free).

Screen Shot 2020-06-15 at 7.11.05 AM

Minneapolis teen arrested in St. Cloud after fleeing police in stolen vehicle

The vehicle was stolen in a car-jacking in Minneapolis Thursday.

snow, blowing snow

Winter storm warnings issued with heavy snow set to slam MN

Parts of northern Minnesota could see more than a foot of snow, but there won't be much in the Twin Cities.

Related

Feds to seize Twin Cities home tied to Petters' Ponzi scheme

The U.S. Attorney's Office was given the go-ahead Wednesday by a federal judge to seize a Minnetrista home that was purchased with proceeds from the Tom Petters' Ponzi scheme. The house until recently was occupied by Allen Munson, the ex-husband of former Petters' associate, Deanna Coleman.