Petters Co-Conspirator Catain Gets 7 1/2 Years

Law360, New York (September 13, 2010, 3:41 PM EDT) -- A federal judge has sentence Michael Catain, a conspirator in the $3.7 billion Ponzi scheme of former Polaroid Corp. investor Tom Petters, to 7 1/2 years in prison for helping conceal proceeds from the fraud through money laundering.

Judge Richard H. Kyle handed down the sentence to Catain on Monday in the U.S. District Court for the District of Minnesota for crimes associated with establishing a shell company, Enchanted Family Buying Co., in order to help hide Petters’ stolen funds.

Catain, who pled guilty to conspiracy...
To view the full article, register now.