The criminal case against Tom Petters ended Thursday with a resounding rebuke of his character, honesty and credibility as his motion for a reduced prison sentence was denied.
In a 22-page order, U.S. District Judge Richard Kyle said the 50-year sentence meted out to Petters for his role in a $3.65 billion Ponzi scheme was appropriate and that his highly experienced defense team provided capable counsel during his case.
"Petters' last-ditch attempt to escape just punishment for his crimes does not hold water; he received constitutionally effective counsel and his sentence was not unlawful," said Kyle, who presided at the original trial. "He is entitled to neither relief nor sympathy from this court."
Petters claimed he was not sufficiently informed of a plea-bargain offer before his 2009 trial that would have given him a prison sentence of no more than 30 years in exchange for a guilty plea.
"Staring into an abyss of nearly 15,000 days of incarceration, Petters has tried to pull off one final con," Kyle said of Petters' attempt for a lesser sentence.
The judge determined that there was no formal plea offer before Petters; that Petters was well-informed by his attorneys of an informal offer involving a 30-year prison cap, and that there was no evidence that Petters would have accepted the deal "because he repeatedly attempted to avoid ownership of the massive fraud he spearheaded."
Acting U.S. Attorney John Marti, who helped prosecute Petters and his associates from day one of the criminal investigation, said Kyle's ruling was a fitting end in the Petters case, although victims of the fraud may still be suffering.
"Facts matter," Marti said in an interview Thursday. "That's what Judge Kyle found, that's what a jury found and that's what the case was all about. Facts never mattered to Tom Petters."