Petters files appeal of fraud conviction and sentence
Former business tycoon Tom Petters has formally appealed his conviction -- and 50-year prison sentence -- for leading a Ponzi scheme.
Petters has yet to file documents laying out the case for overturning his conviction. The scam cost investors more than $3.5 billion.
Petters is also asking the federal courts to pay for an attorney who'll handle his appeal. Petters says he doesn't have money to pay a lawyer.
Petters legal bills from his criminal trial total about $3 million. Insurance carried by his former company covered most of the bills. But insurance won't cover the cost of an appeal.
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