Petters Sentenced to 50 Years
Former Polaroid owner and electronics entrepreneur Tom Petters was sentenced Thursday to 50 years in prison, following his conviction last year for 20 counts of fraud, money laundering and conspiracy, the Minneapolis Star Tribune reported.
The Minnesota businessman was convicted of conducting a multi-billion dollar Ponzi scheme that entailed, in part, seeking money from investors to purchase electronics inventory, for future sale to retailers, that turned out to be nonexistent.
Petters faced 30 years to life at the time of his conviction. He apologized in court to his family and former employees.