Tom Petters to be sentenced on March 10

Article by: DAVID PHELPS , Star Tribune
Updated: February 8, 2010 - 7:45 PM

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March 10 will be a day of destiny for Wayzata businessman Tom Petters.

U.S. District Judge Richard Kyle served notice in federal court Monday that Petters will be sentenced on that date.

Petters was found guilty in early December on 20 counts of fraud, money laundering and conspiracy for engineering a $3.65 billion Ponzi scheme. Federal sentencing guidelines call for a sentence from 30 years to life in prison.

Petters, 52, also faces potential fines and forfeiture issues with the government. His business and personal assets are controlled by a court-appointed receiver.

Attorneys for Petters have said they intend to appeal his conviction.

Petters, whose business empire ranged from Sun County Airlines to the catalog-based retailer Fingerhut, has been in jail since October 2008 after law enforcement raided his corporate campus and his home, looking for evidence of the decade-long investment fraud.

Five co-defendants who earlier pleaded guilty for their involvement with Petters and cooperated with the government investigation also await sentencing.

DAVID PHELPS

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