Petters co-defendant Reynolds sentenced to 11 years
A judge has sentenced a disbarred attorney to nearly 11 years in prison for money laundering conspiracy in the $3.7 billion Ponzi scheme allegedly run by Minnesota businessman Tom Petters.
Larry Reynolds had faced up to 20 years, but U.S. District Judge Richard Kyle sentenced him Tuesday to 10 years and 10 months. Kyle showed him some leniency for pleading guilty and testifying against Petters.
Reynolds, 69, admitted routing about $12 billion through a California shell company to help dupe investors into thinking they were financing merchandise deals. He testified he collected about $4 million to $5 million in commissions.
Reynolds was named Larry Reservitz before he testified in a 1980s East Coast fraud case and entered the witness protection program.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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