8th Circ. Affirms Ponzi Schemer's 50-Year Prison Term

Law360, New York (December 9, 2011, 6:56 PM EST) -- A Minnesota businessman found guilty of masterminding a $3.7 billion Ponzi scheme will stay incarcerated after the Eighth Circuit upheld his 2010 conviction and 50-year prison sentence, according to an opinion issued Friday.

A three-judge appeals panel rejected Thomas J. Petters' arguments that he was denied the opportunity to present a complete defense and to confront a witness on cross-examination, as well as the right to a public trial.

"Defense counsel was able to vigorously attack [the witness'] credibility in the cross-examination by establishing that he...
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