Petters Convicted on All Counts
Minnesota businessman Tom Petters, the former owner of Polaroid Corp., was found guilty Wednesday on all 20 charges that he operated a Ponzi scheme, including money laundering, wire fraud and mail fraud. The monthlong trial took place in federal court in St. Paul.
According to the Minneapolis Star Tribune, Petters faces 30 years to life, and will be sentenced early next year.
The Ponzi scheme, which totaled $3.65 billion, involved in part conning investors into paying money for consumer electronics products that would be resold to major retailers. No such purchases were ever made. Petters claimed during the trial that he was unaware of the fraud until late in the game, but several of his co-conspirators testified otherwise.