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Court Denies Thomas Petters’s Bid
To Avoid 50-Year Sentence for Ponzi Scheme

Dec. 10, 2013, 5:00 AM

The U.S. District Court for the District of Minnesota denied convicted fraudster Thomas J. Petters’s last-ditch attempt to avoid his 50-year sentence for spearheading a $3.65 billion Ponzi scheme (U.S. v. Petters, , 2013 BL 338166).

Judge Richard H. Kyle rejected Petters’s argument that all three of his trial lawyers failed to inform him of an alleged plea offer that would have limited his sentence to 30 years. Petters “received constitutionally effective counsel and his sentence was not unlawful,” the court said in its Dec. 5 ruling.

In December 2009, Petters was convicted of multiple counts of fraud, ...

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