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Ponzi schemer Petters gets "only" 50 years for $3.5 billion fraud

By Douglas A. Berman

As detailed in this Bloomberg report, another notable Ponzi schemer got another notable federal sentence this afternoon: Petters Group Worldwide LLC founder Thomas Petters, convicted of orchestrating a $3.5 billion fraud scheme, was sentenced to 50 years in prison. Petters, 52, was found guilty in December of 20 counts in what prosecutors said was the biggest fraud in Minnesota?s history. Prosecutors said he used his Petters Company Inc. to lure investor funds for fake deals to buy shipments of consumer goods and then used the money to support his lavish lifestyle. ?This was a massive fraud. There are victims who have been devastated here,? U.S. District Judge Richard Kyle in St. Paul said today at Petters?s sentencing hearing. ?There?s nothing wrong with having three houses and airplanes and all of that, so long as it?s your money...continue to full post

Full post as published by Sentencing Law and Policy on April 08, 2010 (boomark / email).