Judgment holds Petters personally responsible for billions in losses
Go Deeper.
Create an account or log in to save stories.
Like this?
Thanks for liking this story! We have added it to a list of your favorite stories.
A U.S. District Court judge said Friday businessman Tom Petters will be held personally responsible for losses his investors suffered from a multi-billion-dollar fraud scheme.
U.S. District Court Judge Richard Kyle says a judgment in the amount of about $3,522,880,614.10 will be entered against Petters. That's a result of Petters' conviction last December on fraud and money laundering charges.
Petters is scheduled to be sentenced April 8, and prosecutors are calling for a life sentence. Judge Kyle also fleshed out the list of Petters' properties that will be forfeited because they're traceable to the fraud scheme.
Those properties include Petters' Lake Minnetonka mansion, a home in Plymouth and five additional properties: one in Colorado, two each in Florida and Wisconsin.
The judge said the forfeiture order will be part of the sentence and judgment against Petters.
Turn Up Your Support
MPR News helps you turn down the noise and build shared understanding. Turn up your support for this public resource and keep trusted journalism accessible to all.
