Former federal prosecutor analyzes Petters verdict

Tom Petters
Tom Petters booking mug shot from the Sherburne County Jail.
Photo courtesy of Sherburne County Sheriff

Prosecutors say Minnesota businessman Tom Petters could spend the rest of his life in prison, after a jury found him guilty of running a $3.5 billion Ponzi scheme.

Petters claims his employees cheated investors and falsified documents for more than a decade without his knowledge. His attorneys say they will appeal his conviction on 20 counts of fraud and conspiracy.

Hank Shea is a former federal prosecutor. He specialized in white collar crime during most of this twenty years in the Minnesota U.S. Attorney's office. He's now a professor at the University of St. Thomas School of Law and joined Cathy Wurzer by phone.

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