Jury Convicts Petters In $3.6B Ponzi Trial

Law360, New York (December 3, 2009, 2:47 PM EST) -- A jury has convicted fallen business magnate Thomas J. Petters of carrying out a $3.6 billion Ponzi scheme, and the founder of Petters Group Worldwide LLC now faces the possibility of spending the rest of his life behind bars.

Jurors in the U.S. District Court for the District of Minnesota hand down an unambiguous verdict Wednesday, finding the one-time owner of Polaroid Corp. guilty of all 20 counts of fraud, conspiracy and money laundering he faced for allegedly masterminding the scam operated through venture capital firm...
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