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

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...