Petters Gets 50 Years For $3.7B Ponzi Scheme

Law360, New York (April 8, 2010, 4:15 PM EDT) -- Thomas J. Petters, who was convicted in December of running a $3.7 billion Ponzi scheme and using the ill-gotten profits to buy Polaroid Corp. and other companies, was sentenced to 50 years in prison Thursday.

Judge Richard Kyle of the U.S. District Court for the District of Minnesota handed down a sentence that fell between the 335 years federal prosecutors had asked for and the four years sought by Petters' lawyers.

The judge said at the hearing that the sentence reflects the fact that Petters led...
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