Judge Won't Vacate Petters' 50 Years For $3.7B Ponzi Scheme

Law360, Los Angeles (December 5, 2013, 8:59 PM EST) -- A Minnesota federal judge on Thursday rejected Thomas J. Petters’ “last-ditch attempt” to escape punishment after being convicted of running a $3.7 billion Ponzi scheme and using the ill-gotten profits to buy Polaroid Corp. and other companies, calling the appeal his “final con.”

U.S. District Judge Richard H. Kyle sentenced Petters to 50 years in prison in 2010, saying at the hearing that the sentence reflects the fact that Petters led the scheme and that it would not have happened without his direction. But, facing 15,000...
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