Whistleblower takes stand in Petters trial
One of the prosecution's star witnesses is on the stand in businessman Tom Petters' fraud trial.
Deanna Coleman took the stand Monday and testified about going to federal prosecutors in September 2008 to blow the whistle on an alleged $3.65 billion Ponzi scheme. After Coleman talked to prosecutors, she returned to Petters' headquarters wearing a wire.
Coleman's testimony and recordings from that wire showed how Petters was struggling to find new money and hold off nervous investors.
Coleman said Petters Co. Inc. owed investors hundreds of millions of dollars that was coming due soon, but the company had no new money in the pipeline to pay off.
On the recordings, Petters tells Coleman about a number of deals he was pursuing, including one to sell off half of Polaroid.
Create a More Connected Minnesota
MPR News is your trusted resource for the news you need. With your support, MPR News brings accessible, courageous journalism and authentic conversation to everyone - free of paywalls and barriers. Your gift makes a difference.