Minnesota businessman Tom Petters has been found guilty of orchestrating a $3.5 billion Ponzi scheme.
According to the government, Petters attracted massive investments from hedge funds and other institutions, ostensibly to buy consumer electronic goods and re-sell them to national big-box stores like Costco and BJ’s. But there was no such buying and selling.
Regardless, Petters lived luxuriously, including multi-million dollar mansions in Minnesota, Florida and Costa Rica and cars made by Bentley and Ferrari.
The St. Paul, Minn. jury deliberated for five days on 20 counts including wire fraud, mail fraud, conspiracy and money laundering.
Petters faces up to life in prison.
Image: AP/Star Tribune/Jerry Holt
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