Petters Judge Calls Leniency Bid 'One Final Con,' Upholds 50-Year Sentence

Dec 10 2013 | 12:07pm ET

Convicted Ponzi schemer Thomas Petters cannot have his plea deal back, a federal judge has ruled.

U.S. District Judge Richard Kyle, who presided over Petters' trial in 2009, rejected Petters' bid to have his 50-year sentence cut to 30 years. Kyle blasted the Ponzi schemer, all-but calling him a liar when he claims that his former lawyer, Jon Hopeman, failed to notify him about prosecutors' offer.

The judge said that Petters is "willing to say or do anything," and rejected his allegations that Hopeman was an ineffective advocate who never told him about the 30-year deal on the table.

"Staring into an abyss of nearly 15,000 days of incarceration, Petters has tried to pull off one final con," Kyle wrote. "He is entitled to neither relief nor sympathy from this court."

Petters' new lawyer, Steven Meshbesher, said that no decision on an appeal has been made. Petters, convicted of running a $3.65 billion scam, has been stymied three times on appeal so far.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.